Real-time interbank gross settlement, deposit insurance protection, sovereign gold bonds, and foreign exchange administration.
RTGS and NEFT settle large-value transactions 24x7x365 across all scheduled banks.
Continuous, real-time gross settlement of funds transfers across member banks. Ideal for high-value transactions.
Nationwide payment system operating in half-hourly batches 24x7. No minimum transfer value requirement.
In terms of Reserve Bank directives, if an RTGS or NEFT credit is not returned or afforded to the beneficiary within 2 hours of completion of batch, the destination bank is liable to pay interest to the affected customer at the prevailing Repo Rate plus 2%.