YOU SHOULD KNOW ABOUT DETAILS ABOUT RTGS & NEFT

INTRODUCTION

Now a day everybody is heard the term “FUND TRANSFER”. So what does it actually mean and how it operates? Here we discussed the term. Fund transfer means economic resources are transferred from one place to another place without actually transfer the resources. Here economic resources mean cash. People are transferred their fund generally two way which are known as RTGS and NEFT. This two facility is available in BANKING SECTOR only.

WHAT IS  RTGS:

                          RTGS means Real Time Gross Settlement. In this method of electronic fund transfer sender branch and receiver branch both are connected in real time mood. As a result of that in this mood of funds transfer amount credited to the receiver account within 30 minutes.

FOLLOWING CONDITION NEED TO BE FULFILLED:

Ø  This facility is available only for high value transfer. At present minimum RS. 200000.

Ø  Both the parties should have an account in their respective end.

Ø  This facility is available for a particular time period within the working day.

WHAT IS NEFT:

                                NEFT is known as National Electronic Fund Transfer. NEFT operates on a deferred settlement basis. Request through NEFT is processed in batches. So, basically it takes more time to settle the transaction than RTGS. Generally a batch is consisting of 7-8 transactions.

FOLLOWING CONDITION NEED TO BE FULFILLED:

Ø  Any person can transfer fund by NEFT. Even a person who has no bank account can transfer fund through NEFT.

Ø  If the remitter has no account he can remit maximum RS. 50000.

Ø  There is no such condition regarding minimum limit.

IF THERE IS ANY MISTAKE HAPPEN DURING THE TRANFER OF FUND IT CAN BE RESOLVED WITHOUT ANY MONEYTARY LOSS.