What is the difference between RTGS & NEFT?

RTGS is done for an amount above Rs. 2 Lac whereas the NEFT can be done for any amount. RTGS is done on real time basis where as NEFT is done on batch process wise which is run on an hourly basis by the bank. The credit for RTGS is expected on the same day where as the credit for NEFT is expected on T+1 to T+2 basis subject to RBI clearing cycle at that location.