Discretion to customers for selection between RTGS and NEFT

Last updated: 13 August 2011


RBI/2011-12/152

DPSS (CO) EPPD No./274/04.03.01/2011-12

August 12, 2011

 

The Chairman and Managing Director / Chief Executive Officer

of member banks participating in  RTGS / NEFT

 

Madam / Dear Sir,

 

Discretion to customers for selection between RTGS and NEFT

 

As you are aware, RTGS and NEFT are two important pan-India payment systems introduced by Reserve Bank of India keeping in mind the requirements of various customers in the wholesale and retail payment systems segment. Both these systems have distinct objectives and unique features in terms of the time criticality of payments, threshold value of transactions, mode of settlement etc. As such, the charges levied for transactions in the two systems are also different. The customers in turn, should be empowered to exercise the choice between these two systems depending upon their requirements.

 

2. In view of the above, we reiterate that all the participating banks should provide the option to the originating customer to choose between these two modes at the time of initiation of the funds transfer. The option should be made available to all the customers who may originate remittance either at the branch or through internet or any other means. The funds are to be transferred necessarily through the option chosen by the customer.  

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Comments

05 November 2014 Piyush Sareen

Hello everyone it is not minimum 200000 it is maximum 200000 which you can transfer through neft and if the transferable amount is more than 200000 than u have to transfer the money through rtgs.


09 December 2013 Piyush Sareen

there is no minimum limit to transfer


17 February 2013 aiyub

yes minimun limit for rtgs 2lacs above and neft is limited to 2 lacs and below


08 December 2012 Nilesh

RTGS IS QUICK PROCESS & NEFT IS SLOW PROCESS


28 November 2012 Devender kumar

Minimum limit of NEFT 200000 OR MORE THAN 2 LACS RTGS


30 August 2012 Gkumar

1.what is the difference between NEFT and RTGS. Comment: There are at least 1 Million abbreviations used every where. How are seniors like me able to keep up.


07 December 2011 MOHD AFROZ

Minimum limit of RTGS is Rs.2,00,000.


17 August 2011 manish agrawal

what is the limit of RTGS and NEFT. any tell me clearly.


16 August 2011 R SUBRAMANIAN

There is a stipulation that RTGS can be used for txns of Rs.2 lacs and above. Subject to this, the customer can have his discretion. R SUBRAMANIAN


16 August 2011 sandeep

for rtgs amt to be trf should be greater tahn 200000 or equal to 200000


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