![]() 2 lakh, it will, by default, be paid through RTGS. 2 lakh then it will be transferred through NEFT. If the remitter misses ticking the required mode, then the bank will decide whether to perform fund transfer through NEFT or RTGS if the amount is less than Rs.If it is a combined NEFT and RTGS form, then the remitter must tick the method through which the transfer needs to be made.If the beneficiary’s details are mentioned incorrectly in the form, then the bank will not be liable for the consequences which arise due to the erroneous information.The applicable charges and taxes on the RTGS money transfer will be deducted from the remitter’s bank account.The amount will be paid only in the bank account mentioned in the form.RBI guidelines in relation to RTGS will be strictly followed by the bank.Some of the common terms and conditions mentioned in almost all the bank RTGS forms are: The RTGS form also contains the terms and conditions related to the RTGS money transfer. Although almost every bank offers these facilities to its customers, these services are not available in every bank’s branches.An individual will have to resort to NEFT for any value below that. It is ideally used for high-value transactions only.An individual can transfer funds from one bank to another within India on an immediate basis.Unlike in NEFT, the fund transfer instructions under RTGS are processed individually on an order basis.RTGS or Real-Time Gross Settlement is a system where the funds transfer requests from one savings account to another are processed in real-time, i.e., as soon as they are received from the remitting bank. ![]() Both NEFT and RTGS are monitored by the Reserve Bank of India. ![]() Systems operating under inter-bank transfer, such as NEFT and RTGS have made lives easier for those who prefer to make monetary transactions without having to physically visit a bank and yet have a secure and smooth transition in making and receiving payments. Money transfer from one bank to another has become far more convenient with the advent of technologies assisting in a smooth online money transfer from one banking institution to another.
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