You must have heard many words like neft, RTGS but do you know. Exactly what it is and what it is used for, so far as it is concerned. We have already told you about neft. And today we will know what is RTGS.
Because people get confused about RTGS, neft and imps. And the reason for this is that all methods are used for remittance but this is the fact. In which condition which method is used. So let us know through this post.
What is RTGS
The full form of RTGS is Real Time Gross Settlement . RTGS is one such facility. Through which we can transfer money. But RTGS is for large scale transactions. That is, if you want to transfer an amount of 2,00,000 inr or more. Only then you can use RTGS.
And if you want to transfer a small amount by not transferring such a huge amount. So for that you have to use neft, because there is no requirement of its minimum amount. Rather you can transfer any small amount. Which is within 20,0,000 inr and if it is more then you can use RTGS.
And if you do RTGS, then your amount gets transferred immediately. Whereas in neft one has to wait for some time. However, if transaction is to be done in small amount, then there is no need of neft at this time. Even there is no need to visit the bank.
You can do everything through your phone while sitting at home. And at this time upi is the best option for money transactions. But if you want to transfer an amount above 2,00,000 inr. So you have to visit the bank and use RTGS.
But if you have to transact within 2,00,000 inr. So you cannot do RTGS even if you want to and you have to do NEFT. But for your convenience, you can also use imps if you want. For which you have to start net banking.
By the way, whatever the method may be RTGS or any other. Due to technology, the use of all these has reduced to a great extent. Because we can do different types of transactions sitting at home through UPI. upi almost can easily fulfill all the needs of our daily life transactions.
Although you can use RTGS if you want. And if the amount you want to transfer is more than 2,00,000. So you have to use RTGS. But even if you have to visit the bank for small transactions. So maybe you will have to face the crowd too. And your time would also be a lot of waste.
So we would suggest you that you can save your time by using technology. Use upi and do the work of hours in minutes.
In this article you learned what is RTGS and RTGS full form. We hope this information will prove useful for you.