Q. Consider the following statements in respect of RTGS and NEFT:

I. In RTGS, the settlement time is instantaneous while in case of NEFT, it takes some time to settle payments.
II. In RTGS, the customer is charged for inward transactions while that is not the case for NEFT.
III. Operating hours for RTGS are restricted on certain days while this is not true for NEFT.

Which of the statements given above is/are correct?

(a) I only      (b) I and II
(c) I and III      (d) III only

78. RTGS और NEFT के बारे में, निम्नलिखित कथनों पर विचार कीजिए :

I. RTGS में भुगतान उसी क्षण हो जाता है, जबकि NEFT के मामले में भुगतान करने में कुछ समय लगता है।
II. RTGS में ग्राहक से आवक लेनदेन के लिए प्रभार लिया जाता है जबकि NEFT में ऐसा नहीं होता।
III. RTGS के लिए कतिपय दिनों में प्रचालन के घंटे सीमित हैं जबकि NEFT में ऐसा नहीं है।

उपर्युक्त कथनों में से कौन-सा/कौन-से सही है/हैं?

(a) केवल I
(b) I और II
(c) I और III
(d) केवल III

Answer: (a) I only

Explanation:

• Statement I is correct: RTGS (Real-Time Gross Settlement) enables real-time and continuous settlement of transactions, making transfers instantaneous and final.
• NEFT (National Electronic Funds Transfer) operates through batch-wise settlement, so transactions may take some time before final settlement.
• Statement II is not correct: As per RBI guidelines, banks cannot charge customers for inward transactions in either RTGS or NEFT.
• Charges, if any, are generally applicable only on outward remittances and are regulated by the Reserve Bank of India.
• Statement III is not correct: Both RTGS and NEFT are now available 24×7 throughout the year, including holidays.
• Therefore, there are no special operating day restrictions applicable only to RTGS.

Source:
RBI FAQs on RTGS and NEFT