Use NEFT and RTGS facility, know which option is better for more amount

With the changing times, there has been a lot of change in the banking sector as well. Nowadays people prefer to do online money transfer instead of giving cash to each other. The facility of net banking is nowadays in almost every bank. Apart from this, you must have heard a lot of name of Online Payment Mode, NEFT and RTGS.

Both of these would have been used a lot. But, most of the common people do not know the difference between both the modes. Both these are online mode of payment but, there is a big difference between the two. So let us tell you about the difference between the two-

Know about NEFT-
The full form of NEFT is National Electronics Fund Transfer. It is an online payment mode through which customers can make one to one payment to each other. With this mode you can transfer to other bank. For this, you should have basic information like account number, IFSC code, etc. of the money you want to transfer. You can also get it done through offline mode by visiting the bank branch.

For this, you have to fill only one form and give it. After this the bank will do your NEFT. You can use this facility on any day of the year. Along with this, money can be transferred to any bank account present in India. This one way fund transfer mode can also be used to transfer money to Nepal.

Know about RTGS-
The full form of RTGS is Real Time Gross Settlement. This is also an online way to transfer money. Its very special thing is that money is transferred through it in real time. This is a very safe way to transfer money for those people who want to transfer large amount of money in one go. To transfer money through this mode, you have to transfer at least 2 lakh rupees in one go. At most you can transfer money as per your need. There is no limit to transfer more money through this mode. This facility is present at all times. This is a very safe way to transfer money online.

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