NEFT/RTGS/DD

NEFT and RTGS are the two convenient modes of money transfer between banks. The acronym "RTGS" refers to for Real Time Gross Settlement, it is a unique and popular fund transfer mechanism which enables the transfer of money between two banks on a "real time" and on "gross" basis.

"NEFT" is the abbreviation for National Electronic Funds Transfer which is an online system for transferring funds between financial institutions. This system was introduced in 2005 and is highly improved version of EFT (Electronic Funds Transfer) which was confined to a select center.