what is RTGS?

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Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 DEAR ,

WHAT IS RTGS? AND WHAT IS DIFFERENCE BETWEEN E.F.T. AND R.T.G.S.?

Rahul Gupta

Rahul Gupta (Expert)
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11 March 2010 My knowledge says..
RTGS means Real Time Gross settlement > As the name suggests it involves quick settlement between the entities attached with them.

EFT stands for Electronic Funds Transfer in which the client places the instruction for tranfer takes time to clear and so is slower than RTGS.

Experts views are solicited...

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 DEAR EXPERT,

I AM NOT SATISFY WITH YOUR REPLY.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010
WHAT IS RTGS SYSTEM? AND WHAT IS DIFFERENCE BETWEEN E.F.T. & R.T.G.S. SYSTEM? PLEASE EXPLAIN ME USES THROUGH EXAMPLES?

Rahul Gupta

Rahul Gupta (Expert)
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11 March 2010 As explained earlier RTGS is instant pay to transfer money and EFT is a little slower way to transfer the money..

Also, one major difference I forgot to mention earlier is than RTGS can be used for High Value Clearing i.e over Rs. 1 Lakh and EFT is used for amounts less than Rs.1 Lakh.

For some detail about teh definition check this link >
http://www.indiastudychannel.com/resources/51932-Know-about-RTGS-NEFT-EFT-ECS-Banking-System.aspx

I Hope it will clarify you.

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 respected sir, and experts ,

i am agree with you but 2nd reply is given by you ,is right????????????? WILL YOU EXPLAIN ME USES OF BOTH THE RTGS AND EFT THROUGH EXAMPLES?

Rahul Gupta

Rahul Gupta (Expert)
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11 March 2010 Yes sir...the reply given by me is right..

For your clarification..Consider..

If u want to transfer Rs 1,20,000 to another bank account then u will use RTGS..
and if u need to transfer Rs. 80,000 then u will use EFT.

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 DEAR SIR,

LISTEN , i am the proprietor of NAMDEV OVERSEAS & I SOLD THE DEPB LICENCE TO MY DELHI BASED AGENET IN RS. 300000.00 MY DELHI BASED AGENT DEPOSIT THROUGH RTGS THROUGH IT MAY NOT BE DELIVER UNTILL THROUGH PRE APPROVAL OF RESERVE BANK OF INDIA.

RBI GIVES US UTR NO. AND THE OUR BANKER PROVIDE THIS UTR NO. IN EFT CASE BANK GENERATE AN BID NUMBER.

AND ELECTRONIC FUND TRANSFER,(EFT) REFERS TO WHICH TRANSCATION DOES NOT PRE APPROVAL OF RBI .
IN NATIONALISED BANKERS THE RTGS CLOSED TILL 16:30 PM AND EFT , REFERS TO OPENED WHOLE TIME .

RAHUL

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Rahul Gupta

Rahul Gupta (Expert)
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11 March 2010 Sir, although I am not absolutely clear about your query,
But, since the amount is above Rs 1 lac it must be an RTGS transfer.

Also, if the funds has not been transferred to uour bank account then ask your Banker to check the status using the UTR No. given by RBI and then act accordingly.

And for timing of closing, its better if you can contact any Bank Personnel. In case you require any contact for someone bank offcial, mail me at rahulgupta45@gmail.com. I can give u some contact no. who can guide you a litle about bank way of clearing RTGS.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 March 2010 Both are means of electronically transferring funds from one account to another.
NEFT - National Electronic Funds Transfer
RTGS - Real Time Gross Settlement
RTGS transactions are settled in real-time with very small waiting period. The funds transfer takes place within two hours of request.
NEFT transactions take place on a batch basis. Customers are given a window between which requests for transfers may be made. At the end of the window period, the transactions are processed.