Question

    What is correct about RTGS and NEFT:

    i)  RTGS is intended for big amount and NEFT is for smaller amount.  RTGS can be done for amounts of minimum Rs.2 lakh

    ii)  RTGS funds are settled on continuous basis while NEFT has settlement slots

    iii) NEFT can be used through mobile banking but not RTGS

    iv) Transaction charge are same for both NEFT and RTGS

    A Only i and ii Correct Answer Incorrect Answer
    B Only ii and iii Correct Answer Incorrect Answer
    C Only i, ii and iii Correct Answer Incorrect Answer
    D Only i, ii and iv Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    NEFT (National Electronic Funds Transfer) transactions are settled in batches which run at an interval of 30 minutes, 23 settlements occurring between 8:00 AM and 7:00 PM. RTGS (Real Time Gross Settlement), as the name suggests is based on ‘real’ time settlement.  

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