The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). Download Turbo C For Windows 7 32 Bit Free on this page. Iwatermark Free Download Mac on this page. 'Real Time' means the processing of instructions at the time they are received rather than at some later time.' Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. How Real Time Gross Settlement (RTGS) is different from National Electronics Funds Transfer System (NEFT)? NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time.

Important Note: Electronic payments would be processed on the basis of beneficiary account number only and customer should exercise due diligence while inputting the beneficiary account number. Bank will not be responsible for non credit/delayed credit to the correct account if beneficiary account.

These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours.