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Know more about RTGS & NEFT

Want to transfer a large sum of money for a down payment? Or perhaps, for a premium purchase? The RTGS facility from Solapur Janata Sahakari Bank Ltd, is just what you need to get this done. Read on to find out more about this money transfer facility.

What is RTGS ?

The acronym 'RTGS' stands for Real-Time Gross Settlement. Simply put, it is the process of continuous (real-time) settlement of funds, which occurs individually, on an order by order basis, without netting. In other words, your request to transfer or settle funds is carried out immediately.

'Real Time' indicates that the processing of instructions happens at the time they are received rather than at some later time. 'Gross Settlement' indicates that the settlement of fund transfer instructions occurs individually (on an instruction-by-instruction basis). Considering that the settlement of funds takes place in the books of the Reserve Bank of India, the payments made through RTGS are final and irrevocable.

What is NEFT ?

The National Electronic Funds Transfer (NEFT) is an electronic payment system that facilitates direct one-to-one payments across the country. Using this facility, you can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country that is a part of the NEFT scheme.