NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement) are two of the most popular ways of transferring money online. They are a fund transfer mechanism to allow you to transfer funds from one bank to another. The fundamental difference between these two methods is that RTGS is based on gross settlement, whereas NEFT works on net-settlement.
There have been numerous banking users who took to their Twitter handle to raise the issue of a failed NEFT or RTGS transaction. The issue seemingly still persists as users have continued to flood the social media platform with their concern while most are seeking a solution to the problem. Check out a few recent tweets:
@AnilSinghvi_ today Rtgs and neft is not happening. Due to error at RBI end.— shashi Jain (@shashi_1977) February 25, 2020
My NEFT transaction done yesterday night hasn't beem credited yet and no one is responding— Saurabh Kumar (@saurabh_28k) February 25, 2020
Yet to receive NEFT transaction completion status via SMS or email. If this doesn’t get solved quickly, will stop all associations with your bank. Don’t want such pathetic & incompetent bankers. Shameful & disgraceful at the same time. Technically this is a fraud from your end.— Utsab Sen (@senutsab) February 25, 2020
Looking at the above tweets, it can be said that there could be a temporary issue while making NEFT and RTGS transactions; however, there is no clarification around what is causing the problem.
NEFT is a nationwide electronic payment system where the fund transfer is done on a half-hourly basis. The RBI has now made the National Electronic Funds Transfer facility available for 24 hours and throughout the entire year. The fund transfer takes place on a half-hourly basis which works from 12:30 am to 12:00 pm. Therefore, NEFT is now operational in India regardless of holidays.
RTGS is not available to customers throughout the day, At present, the RTGS service is available for customer transactions from 8 am to 6 pm for settlement at the RBI end. The timings that are followed by banks varies from bank to bank.
Image credits: PTI