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HOW RTGS IS DIFFERENT FROM NATIONAL ELECTRONICS FUNDS TRANSFER SYSTEM (NEFT)?

April 26, 2017different electronics funds National neft rtgs system transfer

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HOW RTGS IS DIFFERENT FROM NATIONAL ELECTRONICS FUNDS TRANSFER SYSTEM (NEFT)?

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Ans NEFT is also an electronic fund transfer system that operate on a deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time. For example, NEFT settlement takes place 6 times a day during the week days (9.30 am, 10.30 am, 12.00 noon. 1.00 pm, 3.00 pm and 4.00 pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon). 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 (9.00 am to 4.30 pm on week days and 9.00am to 12.00 noon on Saturday).