Recently I was planning to send money for an urgent reason so I started wondering, NEFT or RTGS which is faster? At that time I asked my cousin, who highlighted RTGS faster than NEFT. However, he also said that the speed of payment depends on the transaction amount. Apart from this he also shared a few differences between both of them. I have shared the same below for your reference.
Which is Faster RTGS or NEFT?
RTGS (Real Time Gross Settlement) offers quicker transactions than NEFT (National Electronic Fund Transfer), making it the fastest method for transferring money between banks in India.
For transactions exceeding Rs. 2 lakh, RTGS is a quicker and more effective option. For payments of smaller amounts, NEFT is a more efficient choice.
The basic difference between the 2 are,
Parameters | RTGS | NEFT |
Speed | Instant Processing | Batches processed every half hour |
Ideal Use Case | Big, urgent transfers | Small. Non-urgent transfers |
Fess | RBI cap of Rs.24.50 + GST for Rs.2-5 lakh, Rs.49.50 + GST for above Rs.5 lakh | Often free or minimal fees for individuals |
Minimum Transaction | Rs. 2 Lakh | Rs. 1 Lakh |
Maximum Transaction | Rs. 25 Lakh | Rs. 25 Lakh |
I think this answers your query, which is faster NEFT or RTGS.
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Hey,
I decided to run a home bakery. To make my life convenient I use inter-bank money transfer services. I began thinking, which is faster NEFT or RTGS ? To come across an answer, I researched Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
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Which is faster RTGS or NEFT?
RTSG is faster than NEFT as the transactions are processed on a transaction-by-transaction basis. This means the money transfer takes solace in real-time. NEFT is processed in batches. Each batch is processed in half-hourly batches. In case of urgency, this is the better option.
You can transfer large sums of money this way. Customers pay me in real time for my deliverables. Moreover, my RTGS payments are based on gross settlement. The NEFT payments are based on net settlement. I can send a small or big amount via RTGS.
There is no maximum limit set for RTGS transactions. This means I can transfer as much money as I want in a span of 24 hours. Banks may put certain limitations though. This depends on the spending availability and credit clearance of the customer. I would recommend your spending limit with the bank.
Though, I have used the NEFT method as well. Both of them don't have any charges levied for online transfer. Though, getting an NEFT transfer from the bank may lead to a charge/ fee being levied.
This is all from my end on which is faster NEFT or RTGS.
Read more : How much time does it take for NEFT transfer? What is the difference between NEFT and RTGS? Is SWIFT Code and IFSC Code Same: Explanation
Which is faster NEFT or RTGS ?
Radya
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2022-08-18T20:01:22+00:00 2022-08-18T20:01:23+00:00Comment
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