RTGS (Real Time Gross Settlement)

"The acronym ""RTGS"" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a ""real time"" and on ""gross"" basis. This is the fastest possible money transfer system through the banking channel. Settlement in ""real time"" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “YOU CAN TRANSFER FUNDS TO ANY BANK BRANCH ANY WHERE IN INDIA, IF IT IS PARTICIPATING IN RTGS.”"

NEFT (National Electronic Fund Transfer)

NEFT is a facility enabling bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one -to-one basis.