GURU GYAN
NEFT &
RTGS COMPARISON
NEFT
National Electronic Fund
Transfer
1. RBI ROLE:Reserve Bank of India does not play any major role in NEFT.
2. TRANSACTION LIMIT: There is no upper and lower limit in
NEFT.
3. NEFT enables Fund transfer
from one Bank to another on a Deferred Net Settlement (DNS) basis, which
settles transactions in batches.
4. CHARGES: There are 4 slabs in it:-
A. For transactions Upto Rs.
10000
-> Rs. 2.50 + (Service Tax).
B. For transactions above Rs.
10000 & upto Rs. 1lakhs-> Rs. 5 + (Service Tax)
C. For transactions above Rs.
1lakh and Upto Rs. 2lakhs-> Rs. 15 + (Service Tax)
D. For transactions above Rs.
2lakhs
-> Rs. 25 + (Service Tax)
5. TIME LIMIT: Through NEFT the transaction is completed either on the same
day on the next working day.
6. WORKING HOURS:NEFT transaction timing in each Bank is 9:00 A.M to
7:00 P.M. for weekdays and 8:00 A.M. to 1:00 P.M. on Saturday.
RTGS
Real Time Gross Settlement
1. RBI ROLE :Reserve bank of India acts as a Middle man in RTGS.
2. TRANSACTION LIMIT: There is no upper Limit for RTGS
transaction but a minimum amount of Rs. 2lakhs is required.
3. RTGS is a fund transfer
system where transfer of money or securities takes place from one bank to
another on a “Real time and Gross” basis.
4. CHARGES: Rs. 30 per transaction is charged for Rs. 55 for amount
exceeding 5 Lakhs.
5. TIME LIMIT: Through RTGS, the transaction is to be completed within 30
minutes.
6. WORKING HOURS :RTGS transaction timing in every Bank is 8:00 A.M.
to 8:00 P.M. for weekdays and for Saturday it is 8:00 A.M. to 3:30 P.M.
