Difference between RTGS and NEFT .
The banking regulator, the Reserve Bank of India has instructed banks that they should NOT use the instant funds transfer system, known a…s the Real Time Gross Settlement (RTGS), for an amount BELOW Rs.1 lakh. The new rule would come into effect from January 1,2007. For small transactions, RBI has asked banks to offer National Electronic Funds Transfer (NEFT) which provided T+0 and T+1 settlement system (depending on the time a customer gives instruction to the bank for tranferring the fund). The key difference between RTGS and NEFT is that while RTGS in on gross settlement basis, NEFT is on net settlement basis. Besides, RTGS facilitates online transfer, while NEFT involves four settlement cycles a day 9.30 am, 10.30 am, 12 pm and 4 pm. Thus if a customer has given instruction to its bank to transfer money through NEFT to another bank in the morning hours, money would be transferrd the same day, but if the instruction is given later during the day, money would be transferred next day. However, RTGS facility is available in over 25000 branches, while NEFT is availabel in 9800 branches. Besides, while all commercial banks have put in place the RTGS facility, only 43 banks have purchased the software required to facilitate NEFT based transaction. RBI has instructed banks that all branches which are RTGS enabled should also provide NEFT by December 2006. Sources said that RBI also had planned to discountinue EFT-Electronic funds Transfer. This is because EFT is availabel only in 15 locations where RBI has its clearing house. As of now, customers can access the RTGS facility only upto 3 pm and inter-bank transactions are possible upto 5 pm. (MORE)
NEFT is National Electronic Fund Transfer and EFT stands for Electronic Fund Transfer..
NEFT is an electronic payment system to transfer funds from any part of country to any… other part of the country and works on Net settlement, unlike RTGS that works on gross settlement and EFT which is restricted to the fifteen centers only where RBI offices are located. (MORE)
EFT stands for Electronic Funds Transfer. It is a facility using which customers can transfer funds from one bank account to another without having to write/issue/receive/depo…sit Cheques. Everything happens electronically through internet banking without use of paper instruments. In India we have two types of EFT available: a. National Electronic Funds Transfer - NEFT for small amounts b. Real Time Gross Settlement - RTGS for large amounts (MORE)
The Electronic FundTransfer Act was passed by the U.S. Congress in 1978 and signed byPresident Jimmy Carter , to establish the rights and liabilities of consumers as …well as the responsibilities ofall participants in electronic funds transfer activities (MORE)
EFT stands for Electronic Funds Transfer. It is a facility using which money can be transferred from one bank account to another (even across banks) without the use of paper i…nstruments. It can be initiated via internet banking. EFT usually takes 1-3 business days for the money to be available in the destination account. Also, it depends from country to country. In India EFT usually takes 1 business day and is available in the target account the following business day. (MORE)
Ans EFT and NEFT are electronic fund transfer modes that operate on a deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes p…lace at a particular point of time. All transactions are held up till that time. For example, NEFT settlement takes place 6 times a day during the week days (9 a.m, 11 a.m, 12 noon, 1 p.m, 3 p.m and 5 p.m) and 3 times during Saturdays (9 a.m, 11 a.m and 12 noon). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours. (MORE)
It stands for Electronic Data Interchange.
it stands for Electronic Funds Transfer.
It is referred to as without involving the physical movement of paper instr…uments..
it enables account to paperless trading. account funds transfer. (MORE)
An EFT ( electronic funds transaction ) will be processed at the end of each working day. If money's are deposited after 5:00 pm the funds won't be cleared until the following… working day. If you need money fast don't hesitate to call. Love mongoose (MORE)
The term EFT tapping refers to touching and pressing correct points in one's body in the Emotional Freedom Technique, the proper use of these body pressure techniques with oth…er relaxing techniques is said to allow reaching complete Emotional Freedom. (MORE)
A Gold EFT is an exchange traded fund with gold being the principle and only commodity being traded. Benefits included for Gold EFT are the availability online, flexing in tim…ing of purchases, and no duty to pay when overseas. (MORE)
Assuming you mean EFTPOS (Electronic Funds Transfer Point OfSale)... The customer uses either a credit or debit card to pay forgoods. The card is 'read' by the cashier's regis…ter, and anelectronic 'request' is sent to the customer's bank. If the fundsare available (or the card has enough credit) - the funds aretransferred from the customer's account to the store's account. (MORE)