{"id":3448,"date":"2023-02-17T09:55:26","date_gmt":"2023-02-17T04:25:26","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=3448"},"modified":"2025-03-26T12:29:42","modified_gmt":"2025-03-26T06:59:42","slug":"what-are-neft-and-rtgs","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-are-neft-and-rtgs\/","title":{"rendered":"What are NEFT and RTGS?"},"content":{"rendered":"<h2>About NEFT:<\/h2>\n<ul>\n<li><strong>NEFT<\/strong>, which stands for <strong>National Electronic Funds Transfer<\/strong>, is an <strong>electronic method of transferring money online.<\/strong><\/li>\n<li>Most Indian <strong>banks provide the NEFT featur<\/strong>e on <strong>internet banking and mobile banking<\/strong>.<\/li>\n<li>It enables <strong>transferring funds<\/strong> from the <strong>account maintained with any bank to any other bank branch,<\/strong> provided the transaction is attempted between the banks that participate in the NEFT payment system.<\/li>\n<li><strong>Transactions<\/strong> made through NEFT <strong>do not take place in real-time.<\/strong><\/li>\n<li>As per <strong>Reserve Bank of India (RBI) guidelines<\/strong>, the <strong>payments made via NEFT are processed and settled half hourly batches.<\/strong><\/li>\n<li>NEFT transactions <strong>can be performed 24*7.<\/strong><\/li>\n<li><strong>Minimum Transfer Value: Rs. 1<\/strong><\/li>\n<li><strong>Maximum transfer value: No limit<\/strong><\/li>\n<li>Money transfer made through NEFT <strong>does not require any additional transaction costs.<\/strong><\/li>\n<\/ul>\n<h3>About RTGS:<\/h3>\n<ul>\n<li>RTGS, which stands for <strong>Real-time Gross Settlement<\/strong>, is a payment mode where the <strong>money is transferred from one bank account to the other in real-time, without any delay.\u00a0<\/strong><\/li>\n<li>It is mostly <strong>used for transactions of high value.<\/strong><\/li>\n<li>When using the banking method, <strong>RTGS is the fastest possible way to transfer money.<\/strong>\u00a0<\/li>\n<li><strong>Transactions<\/strong> made through RTGS are <strong>processed on a one-to-one basis.<\/strong><\/li>\n<li>RTGS transactions <strong>can be performed 24*7.<\/strong><\/li>\n<li><strong>Minimum Transfer Value: Rs. 2 lakh<\/strong><\/li>\n<li><strong>Maximum transfer value:\u00a0 No upper limit<\/strong> is there, but however can <strong>vary between banks.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1)\u00a0What is the Foreign Contribution (Regulation) Act (FCRA)?<\/h3>\n<p>It is an\u00a0 act to consolidate the law to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilisation of foreign contribution or foreign hospitality for any activities detrimental to the national interest.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/rbi-makes-changes-in-neft-rtgs-for-daily-reporting-of-foreign-remittances\/articleshow\/97988357.cms\" target=\"_blank\" rel=\"nofollow noopener\"><u>RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEFT stands for National Electronic Funds Transfer and RTGS stands for Real-time Gross Settlement.<\/p>\n","protected":false},"author":5,"featured_media":3450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-3448","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/3448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=3448"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/3448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/3450"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=3448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=3448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=3448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}