RTGS (real-time gross settlement) and NEFT (national electronic funds transfer) are electronic payment systems that allow individuals to transfer funds between banks. Fund transfer under NEFT is settled in batches as opposed to the real-time settlement process in RTGS. The batches are settled in hourly time slots
Information is required for an RTGS transaction
- The amount that’s needs to be transferred in rupees
- Name of the payee/beneficiary as in the bank account
- IFSC code of the payee/beneficiary
- Account number of the payee/beneficiary
- Name of beneficiary bank and bank branch
The RTGS payment system is maintained by the Reserve Bank of India (RBI) and hence is a safe and reliable method of sending and receiving money at any given point of time in the country.