This is the sixth and last post in the series of Jargons of Online Banking.
In NEFT, settles the transactions in batches. The settlement takes place at pre-decided points of time. All transactions are held up till that time. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours.
Sender might have to pay up to Rs 25 in case of NEFT and up to Rs 50 in case of RTGS.
Minimum Limit on amount of Funds Transfer:
RTGS need that funds transferred should be at least Rs 1 Lakh. There is no such limit in NEFT transfers.
Maximum Limit on amount of Funds Transfer:
No Limit on any of them.