RTGS money transfer: RTGS is a process of fund transfer in which transactions take place rapidly. At least 2 lakh rupees can be transferred in this.
If you want to do more than 2 lakh online transactions, then do this job quickly. The Reserve Bank has said that due to technical upgradation, RTGS will not work till 2 pm on April 18 after the bank is closed. This is being done for technical improvements and better transaction of RTGS. In such a situation, the customers should get their important work done in advance.
However, for high value transactions, customers can take the help of NEFT. RTGS and NEFT are both digital payment modes. Despite this, there is a slight difference in the use of both. In RTGS, the transaction completes in real time. In this fund transfer transaction rate is on transaction basis. RTGS is used only for high value transactions. In this, no less than 2 lakh transactions can be done. There is no maximum transaction limit and it is both online and offline.
NEFT is also an electronic fund transfer in which the transaction is based on time. It is processed batch by batch. However, both services are available 24 hours a day, seven days a week. There is no limit of NEFT. A minimum of one rupee and maximum can be transferred in NEFT. It is available both online and offlane.
Up to 25 lakhs can be transferred in a day through NEFT. If there is no bank account, only a maximum of 50 thousand can be transferred simultaneously. If someone does not have an account, then he can transfer the information by sharing information about himself. Both the NEFT and RTGS are regulated by the Reserve Bank.