Banking

All customers having savings and current account are eligible to use NEFT and RTGS services. Key Takeaways NEFT stands for National Electronic Funds Transfer whereas RTGS is short for Real-Time Gross Settlement. NEFT is a payment system where the settlement of funds takes place in half-hourly batches. RTGS a payment system of continuous and real-time settlement of fund transfers. RTGS is preferred for urgent transfer of large amounts. NEFT is preferred for transfers that are not time-sensitive. Introduction Mrs Lohia runs a home-based bakery and believes that inter-bank transfer can be an extremely useful and convenient service. It would enable her to pay for her supplies as well as receive payments from her clients. But Mrs Lohia has not been able to avail of these services because she often gets confused by the acronyms like NEFT, RTGS, and IMPS while attempting to transfer funds. While she has some ideas, she is unsure of the difference between NEFT and RTGS and IMPS. This article i