The full form of RTGS is "Real Time Gross Settlement". RTGS can be defined as "the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting)". Here the words 'Real Time' refers to the process of instructions that are executed at the time they are received, rather than at some later time. On the other hand, "Gross Settlement" means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). The settlement of funds actually takes place in the books of RBI and thus the payments are considered as final and irrevocable. he full form of NEFT is "National Electronic Funds Transfer (NEFT). The NEFT is a nation wide payment system facilitating one-to-one funds transfer. Under this system, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an acount with any other bank branch in the country participating in the system. Our Bank Provide this service during Banking hours and Banking business day.
