RTGS vs EFT:
Real time gross settlement systems (RTGS) are a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Once processed, payments are final and irrevocable.
EFT:Operate on a DNS (Deferred net settlement) basis which setttles transactions in batches, In DNS, The settlement takes place at a particular point of time.
Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time.Contrary to this In RTGS, Transactions are Processed continuously throughout the RTGS business hours.
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