NEFT-RTGS: Fund transfer batches are released every half hour of NEFT. Those who have transferred funds from their account 30 minutes ago, the money reaches the other account in half an hour.
NEFT-RTGS: These days everyone in the country is making digital payments. Digital payments have made life easier to transfer funds from one bank account to another or make payments to anyone.
Banks also encourage customers to do online transactions as it also transfers money in a short time. Fund transfer can be done in any online mode like NEFT, RTGS and UPI. Let’s know how much will be charged on fund transfer through NEFT-RTGS-
NEFT
National Electronic Funds Transfer is a payment system through which money can be transferred from one bank account to another. It takes half an hour to transfer money through this. NEFT fund transfer batches are released every half an hour. Those who have transferred funds from their account 30 minutes ago, the money reaches the other account in half an hour.
Using this service, you can send money electronically from any bank branch to any person who has an account with any other bank in the country. You can also use internet banking and mobile banking to make NEFT transfers.
RTGS
Fund transfer through RTGS i.e. Real Time Gross Settlement, the money gets transferred at the same time. It is mostly used for high amount transfers, which need to be transferred immediately.
How much has to be charged
Talking about the fee, internet banking charges for NEFT range from Re 1 to Rs 5 plus GST. At the same time, the bank charges Rs 5 to Rs 10 for transfer in RTGS. Along with this, GST also has to be paid. This charge is applicable on transactions above Rs 2 lakh to Rs 5 lakh.
