Banking Awareness study material –Important point about NEFT
- National Electronics fund transfer is shortly known as NEFT.
- National Electronics fund transfer (NEFT) is a nation-wide system.
- NEFT is electronics fund transfer system any bank to any individuals, firm or corporative having an account with any other bank branch in the country.
- Maximum limit –No limit
- Minimum limit- No limit
- No remittance be sent abroad using NEFT (But except Nepal under the Indo-Nepal Remittance facility scheme)
Important point about RTGS:
- Real Time Gross Settlement is shortly known as RTGS. It is one of the fastest modes of fund transfer in India through banking sectors.
- The main purpose of RTGS is for large transaction in all over India.
- Maximum amount –No limit
- Minimum amount – 2 lakh
- Through RTGS fund transfer System, fund will be remitted for beneficiary account within 2 hour by fund transfer system.
- Through RTGS fund Transfer System, bank will be receiving the confirmation text from RBI that fund have been transferred to beneficiary accounts.