21 September 2012
NEFT prescribes the Maximum limit to transfer and RTGS prescribes the Minimum limit to transfer.You can transfer funds through NEFT at any time in the day but it will be credit in the payee accounts based on the settelment time provided by the such bank and you can transfer funds through RTGS during the specific time provided by the such bank and the amount should be credited in the payee's account on the same day only.
For example: Assume a bank's RTGS timings is 10.00am to 4.00pm and minimum transaction is Rs.200000 and NEFT timings is 9.00am to 5.00pm and maximum transaction is Rs.200000.
Assume today at 5.00 pm you would like to transfer Rs.250000 through RTGS it's not allowed and not accepted because RTGS timing expired and like to send through NEFT then also not accepted because maximum limit exceeded. In case you would like to send Rs.150000 through RTGS at 6.00pm it not accepted because RTGS time over and the same want to send through NEFT it accepts but credit gives in the account of payee on 9.00am of Tommarow.
In case the first transaction made at 3.00 pm then RTGS will accept and the credit in payee's account should on today. As well as For NEFT not accepted because maximum limit exceeded.
In case the second transaction made at 3.00pm for both RTGS and NEFT will accept and the credit in payee's account should be on today because both are in scheduled time.
So Main difference between these both is minimum and maximum limit; transfer timing difference.
21 September 2012
RTGS can do only at on-site with the minimum amount of remittance and credited in the payee's account on the same day.
NEFT can be do at on-site as well as off-site with the maximum amount of remittance and the credit may give on next working day based on the day and time of the transaction.
Note: here on-site means working hours indicated by the bank and off-site means over and above the working hours indicated by the bank.
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