What is RTGS? Know the difference between RTGS and NEFT

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What is RTGS? Know the difference between RTGS and NEFT ?

If you transact money in your accounts, you may have never heard of RTGS, you may also want to know what this RTGS is, to tell you that this is the fastest process for transferring money that almost every banking person wants to use. So in this post, we are going to give you basic information about the same process so that you also know a little bit about it.

What is RTGS ?

Let's tell you that RTGS is an electronic way to transfer money from one bank account to another bank account. And if you have to transfer money to an account of State Bank of India, rtgs cannot be used here.

RTGS's full form real Time Gross Settlement is the fastest way to transfer money from one bank to another in the process as soon as the money transfer is given, the money is transferred to the front account immediately, the timing varies from 8 am to 4:30 pm.

RTGS has a minimum limit of Rs 2 lakh for money transfers, although there is no maximum limit in this process, you can transfer more and more unmount selections, with each bank charging differently in RTGS, it also depends on how much unmount transfer you are making.

Difference between RTGS and NEFT ?

If the difference between RTGS and NEFT is noticed, both are to transfer money to two different bank accounts. If you need to transfer money from one bank account to another, you can use one of the NEFT and RTGS.

The main difference between the two is the time frame, while there is no limit on transfer of money in NEFT, you can transfer any amount of money from Rs. 1 to more, and on the other hand, you have to transfer at least Rs. 2 lakh in RTGS, how much money you can transfer.

What is NEFT ?

The money transfer in NEFT takes a few hours later, i.e., the process takes a few hours while the transfer of money in RTGS is immediately done, besides the timing of the money transfer in NEFT varies from 8 am to 7 pm, while the timing of the money transfer in RTGS varies from 8 am to 4:30 pm.

After reading this post, you may have now come to know what RTGS is, we have also told you the difference between RTGS and NEFT, which will show you what these RTGS are, so both are electronic ways of transferring money from one bank to another, but there is a lot of difference between the pado limit an
d the time of transfer of money.