RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) are electronic payment systems that allow individuals to transfer funds between banks. Both these systems are maintained by the Reserve Bank of India. It is applicable only for money transfer within the country.
Under RTGS, the funds transfer takes place on a real time basis, or in other words, at the time the request is received. It is one of the fastest interbank money transfer facility available through banking channels in India. The beneficiary bank has to credit the recipient’s account within 30 minutes of receiving the funds transfer message.
On the other hand, NEFT operates on a deferred settlement basis. Fund transfer under NEFT is settled in batches as opposed to the real-time settlement process in RTGS. The batches are settled in hourly time slots.
You can download RTGS / NEFT forms from the list of below mentioned Banks free.