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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 place 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.
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What is the difference between NEFT and EFT?
The banking regulator, the Reserve Bank of India has instructed banks that they should NOT use the instant funds transfer system, known as 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.
What is difference between national electronic fund transfer and real time gross settlement?
The Basic differences between NEFT and RTGS are01) NEFT is designed for Low Value-High Volume02) RTGS is designed for High Value-Low Volume03) The minimum amount for a RTGS Customer transaction is Rs1lac.04) The minimum amount for a NEFT Customer transaction is Rs1.NEFT takes usually 1 - 2 working days and it is for smaller amountsRTGS happens faster than NEFT and it is for only huge amounts
What is neft in banking?
NEFT-National Electronic Fund Fransfer
What is the meaning of NEFT?
SIR PLZ TEEL ME ABUT neft and abt dis proccess
What is difference between NEFT and RTGS?
NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. Both of them are electronic funds transfer schemes provided by banks to citizens of India. But, NEFT is for smaller amounts (Usually a few thousands up to maybe 1 or 2 lacs) and the money will be received in the target account the next working day, whereas RTGS is for large amounts (usually atleast a few lacs) and the money would be received in the target account within hours.
What is the difference between NEFT and EFT?
The banking regulator, the Reserve Bank of India has instructed banks that they should NOT use the instant funds transfer system, known as 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.
What is difference between national electronic fund transfer and real time gross settlement?
The Basic differences between NEFT and RTGS are01) NEFT is designed for Low Value-High Volume02) RTGS is designed for High Value-Low Volume03) The minimum amount for a RTGS Customer transaction is Rs1lac.04) The minimum amount for a NEFT Customer transaction is Rs1.NEFT takes usually 1 - 2 working days and it is for smaller amountsRTGS happens faster than NEFT and it is for only huge amounts
What is the difference between EFT and ACH?
There is no difference, they're interchangable and both simply stand for the process of electronically automating a scheduled direct deposit, payment, or transfer of funds.
What is the difference between a direct loan and an EFT loan?
The two comparison items, Direct and EFT, are generally mutually exclusive. Direct loans are loans that are provided directly from a lender to the borrower without the use of a third-party. Electronic Funds Transfer (EFT) is a generic description for moving funds between computer systems. Most direct loans are disbursed to borrowers via EFT (typically into a personal checking or savings account).
What is the population of Neft Daşları?
The population of Neft Daşları is 933.
When was David Neft born?
David Neft was born in 1936.
When was Gazprom Neft created?
Gazprom Neft was created in 1995.
What is neft in banking?
NEFT-National Electronic Fund Fransfer
What is the meaning of NEFT?
SIR PLZ TEEL ME ABUT neft and abt dis proccess
How NEFT work?
NEFT stands for "National Electronic Funds Transfer". An Authentic and fairly comprehensive FAQ on NEFT is at http://www.rbi.org.in/Scripts/FAQView.aspx?Id=60
What is difference between NEFT and RTGS?
NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. Both of them are electronic funds transfer schemes provided by banks to citizens of India. But, NEFT is for smaller amounts (Usually a few thousands up to maybe 1 or 2 lacs) and the money will be received in the target account the next working day, whereas RTGS is for large amounts (usually atleast a few lacs) and the money would be received in the target account within hours.
Difference between NEFT and rtgs?
NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. Both of them are electronic funds transfer schemes provided by banks to citizens of India. But, NEFT is for smaller amounts (Usually a few thousands up to maybe 1 or 2 lacs) and the money will be received in the target account the next working day, whereas RTGS is for large amounts (usually atleast a few lacs) and the money would be received in the target account within hours.
