The only difference between NEFT and RTGS in India is based on the cut-off amount. Currently, all normal transfers up to Rs.2 lakhs are classified as NEFT transfers while anything above Rs.2 lakh is automatically classified as RTGS transfer. Otherwise, the time taken by both these means of transfers is one and the same and there is no difference.

In the case of NEFT, the RBI has already actioned 24X7 style transfer of funds from the morning of 16 December 2019 and around 11.5 lakh transactions were executed on the first day itself before morning. As of now RTGS is not covered under the 24X7 model but the RBI has confirmed that it will be the next step. However, the RTGS transfers are much larger as they are used by corporates and businesses. Hence, the liquidity arrangement must also be larger, which is why it was not launched to begin with. However, the shift in RTGS will also happen in the next couple of months, according to the RBI.