The National Electronic Funds Transfer (NEFT) is an electronic payment system that facilitates direct one-to-one payments across the country.
Using this facility, you can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country that is a part of the NEFT scheme. You can also make NEFT transfers using digital modes of internet banking and mobile banking
RTGS' stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting).
'Real Time' means the processing of instructions at the time they are received; 'Gross Settlement' means that the settlement of funds transfer instructions occurs individually.