RTGS mean Real Time Gross Settlement. RTGS system is a Fund Transfer mechanism where transfer of money takes place from one bank to another on Real Time and on Gross basis. This is the very fast possible money transfer system through the banking channel. In RTGS there no any waiting period for settlement of transaction. The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 Lakh. There is no any Upper limit set for RTGS transactions.
NEFT means National Electronic Funds Transfer This is nationwide Fund Transfer system to facilitate transfer of Funds from any branch bank to any other bank branch. Funds transfer transactions are settled in batches as opposite to RTGS gross settlement. The beneficiary gets the credit on the same Day or next Day depending on the time of batch settlement.