Online money transfer of any amount becomes easier, no need to visit any branch. RTGS (Real Time Gross Settlement) and NEFT (National Electronics Funds Transfer) are electronic payment platforms of Reserve Bank of India which provide online transaction between two banks. No need to use cheques or wait for clearing. RTGS / NEFT provide paperless money transfer from one account to another in a matter of minutes / hours.
REAL TIME GROSS SETTLEMENT SYSTEM (RTGS) & NATIONAL ELECTRONIC FUND TRANSFER (NEFT)
Transfer - any amount of Rs. 2,00,000 and above with no floor or cap value for customer transactions, which are sent to the RTGS System for settlement whereas there is no restriction for NEFT Transactions.
As per RBI guidelines, RTGS/NEFT Transactions will be credited to Beneficiary Account on the basis of Beneficiary Account Number only. Therefore, Originator of transaction will have to mention correct Beneficiary Account Number over RTGS/NEFT Form.The remitting customer has to furnish the following information to a bank for effecting a RTGS / NEFT remittance: