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.
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
- How to find IFSC code for HDFC Bank?
- Cash withdrawal at Banks in India!
- 2Checkout Payment to Indian Bank Account
- New Paypal rules effective from March 2011 hits Indians hard!
- Paypal NOW allows Direct Withdrawal to Indian Banks
- Paypal withdrawal to Indian banks delayed in Feb 2010!!!!
- Getting Adsense PIN by post is a nightmare!!!!
- Paypal withdrawals to indian banks still pending status?
- The Best Golden visa programs in Europe
- India Travel – Tips for using Credit Cards in India for Foreigners