The Reserve Bank of India (RBI) introduced these payment options following demonetization in 2016. National Electronic Funds Transfer is abbreviated as NEFT, whereas Real-Time Gross Settlement is abbreviated as RTGS. NEFT is a payment technology that allows funds to be settled in half-hourly batches. RTGS is a payment system that allows for continuous and real-time fund transfer settlement. For urgent transfers of significant amounts, RTGS is preferred. For non-time-sensitive transfers, NEFT is preferred. NEFT and RTGS services are available to all customers with a savings or current account.
