Banking Flashcards
1
Q
What is RTGS?
A
RTGS is a funds transfer system under which transfer of funds takes place from one bank to another on a ‘real time’ and gross basis. Real time’ means no waiting period and gross settlement means the transaction is made one to one basis without bunching with any other transaction.
2
Q
What is NEFT?
A
It is a countrywide system by which an individual, firm or company can electronically transfer funds from any bank branch to another individual, firm or company having an account with any other bank branch in the country.
