| Real Time Gross Settlement (RTGS) | RTGS can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting).'Real Time' means the processing of instructions at the time they are received rather than at some later time. 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).The fund transferwithin 1-2 hours. The volume of RTGS transactions is increasing rapidly. |
| National Electronic Funds Transfer (NEFT) | NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Schemewithin 2-4 hours in a batch. It is a risk free, secure and reliable mode for transfer of funds of any amount. |
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