Comparison
The key difference between RTGS and NEFT is that while RTGS is on gross settlement basis, NEFT is on net settlement basis. Besides, RTGS facilitates real-time ("push") transfer, while NEFT involves eleven settlements from 9 am to 7 pm on week days and five settlements from 9 am to 1 pm on Saturdays. Customers can access the RTGS facility between 9 am to 4:30 pm on week days and 9 am to 1:30 pm on Saturday. Thus if a customer has given instruction to its bank to transfer money through NEFT to another bank in the morning hours, money would be transferred the same day, but if the instruction is given later during the day, money would be transferred next day.
RTGS facility is available in over 72000 APPROX branches, while NEFT is available in little over 75000 branches of 100 banks. RBI has recently discontinued the EFT (Electronic funds transfer).
Read more about this topic: Indian Settlement Systems
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