Rtgs vs neft
This query is : Resolved
20 July 2012
What is the difference between RTGS and NEFT please give me response quickly
Thanks in advance
Thanks in advance
20 July 2012
RTGS mean Real Time Gross Settlement for which banks will transfer funds in excess of Rs. 2 Lakhs to other bank accounts with in max 24 hours.
NEFT on the other hand is National Electronic Fund Transfer where funds will be transferred between two bank accounts which will take more time than RTGS.
NEFT on the other hand is National Electronic Fund Transfer where funds will be transferred between two bank accounts which will take more time than RTGS.
Message likes :
1 times
20 July 2012
In addition to above I would like to add a few more points.
RTGS is faster payment and as soon as the customer submits the same is sent to the back end and then to the PI(participatory interface ) to RBI. The Banks would not wait for anything. RTGS is irrevocable and irreversable.
NEFT on the other hand the bank would club similar payments based on the amount, Bank payable etc and on hourly basis send the instructions to RBI for payment. NEFT would take time and it may also be remitted the next day. Here the banks sends the instrucitons on Batch process.
Now recently RBI has fixed a fee cap for the bank to charge the customer.
RTGS is faster payment and as soon as the customer submits the same is sent to the back end and then to the PI(participatory interface ) to RBI. The Banks would not wait for anything. RTGS is irrevocable and irreversable.
NEFT on the other hand the bank would club similar payments based on the amount, Bank payable etc and on hourly basis send the instructions to RBI for payment. NEFT would take time and it may also be remitted the next day. Here the banks sends the instrucitons on Batch process.
Now recently RBI has fixed a fee cap for the bank to charge the customer.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
