explain real time gross settlement national electronic funds transfer

Real Time Gross Settlement System (RTGS) is a fund transfer system where transfer of funds takes place from one bank account to another bank account in real time. The minimum amount that can be remitted is Rs 1 lakh per transaction.

National Electronic Fund Transfer (NEFT) is a electronic fund transfer system, the system provides with transfer of funds to other bank accounts in various branches over the country. It is very effective way to transfer funds especially for retail remmitances. Customers can remit any amount using NEFT system.

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