One of the features of RTGS that make it particularly relevant for modern consumers is that the transactions can be initiated through net-banking.
Consumers can use RTGS to transfer funds through two ways – online internet banking and offline by visiting a bank branch.
NEFT, IMPS, and RTGS are some of the popular payment modes under Third Party Transfer that will help customer remit funds to a beneficiary.
Both RTGS and NEFT have their strengths. Let’s understand these strengths and decide which mode to use and most importantly, when.
RTGS is a convenient transaction mode that is ideal for high-value transactions. Individuals can use this form of payment for large investments & payments.
Consumers can use IMPS without needing a smartphone, which adds to its financial inclusivity, making it a great payment option for the masses.
The characteristics of NEFT can help customers in spite of the dawn of faster payment solutions like IMPS in India.
One of the most important IMPS features is that it offers real-time transfers of funds that occur on an electronic platform.
NEFT allows people to transfer funds electronically from one bank account to another and is relevant to those who wish to transfer large sums of money.