What is the difference between NEFT and RTGS payments?

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.