I have been a long time confused between the two types of Electronic Funds Transfer system used in India between banks. When you send payments to other bank account in India through Internet banking you might stumble upon either payment through RTGS or NEFT.
Here is the main difference.
RTGS (Real Time Gross Settlement)
It means the funds will be credited immediately to the payee account in real time. No delays. The minimum amount to send is Rs 2 lac. Not all banks are RTGS enabled. You should inquire with your bank.
NEFT Transfer
EFT or NEFT (National Electronic Funds transfer) is basically bit delayed transfer takes 1 or 2 days to complete. There is no minimum or maximum limit to do the funds transfer. The settlement takes place 6 times a day and 3 times on saturdays.
Source: Reserve Bank Website
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September 11, 2008
Good information my doubt is 100% cleared
December 31, 2008
My all confusion about these are clear in simple way.
January 15, 2009
Thanks…
January 17, 2009
SBI has started charging for NEFT transfers, pls chk this for more information http://paisamechanic.blogspot.com/2008/12/sbi-neft-fund-transfer.html
Thanks,
-Kathiravan Manoharan
February 8, 2010
Now i transferred rs 10000/- through NEFT , but the balance has not been deducted till now from my account, so what can i confirm that the transaction is successful or not, please mail me..
Thanks
Sriinivas
September 19, 2010
ONCE WE MAKE TRANSACTION WE ARE SUPPOSE TO AUTHORIZE THE SAME IN ORDER TO MAKE THE TRANSACTION SUCCESS. WITH IN A SECOND WE WILL RECEIVE A CONFERMATION MESSAGE. IN CASE WE DONT RECEIVE CONFIRMATION MESSAGE PROBLEM IS AT OUR END. KINDLY CHEQUE BENEFICIARY ACCOUNT DETAILS AGAIN(IFSC CODE AND ACCOUNT NUMBER).
May 12, 2011
I am still in confusion that while cash withdrawal more than 49999 Rs payee need to submit photocopy of PAN only?
May 12, 2011
No! only cash deposits above 50’000 need PAN not withdrawals.