RTGS and NEFT

NEFT ( National Electronic Fund Transfer)

First of all what is NEFT

The NEFT is a fund transfer tool of the Banks, is a type of payment system to transfer money from one account to another, its a type of online money tramsfer. In which there is a limit of hours... in a single hour you will be able to transfer only one time... for the next trnsaction you have to wait for a hour... because this system is based on batches...

So we can define... " NEFT is a nation wide payment system whivh uses one on one transfer of money on the batch basis" ...

Now question arise what is batch here.??.

Answer could be... If you want to transfer money... to someone else, at the same time other people in country are also trying to transfer money online through NEFT... hence in the given hour limit.. the particular bank what you are using will complete its limit of single batch... 

Hence batch is what limit of bank which complete a frame of money which bank transfer to destination banks in a single hour transaction...

Process of NEFT

1st step.. A person want to transfer his or her money.. he will decide bank...

2nd step.. Application Form will be fill by the