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.