Exp) option a is the correct answer.

Statement I is correct:

RTGS (Real Time Gross Settlement): As the name suggests, RTGS transactions are processed in “real-time” and on a “gross” basis. This means each transaction is settled individually as it is received, with virtually no waiting period. The beneficiary bank typically receives the funds in real-time, and the beneficiary’s account is credited within a short time (usually within 30 minutes of receiving the transfer message).

NEFT (National Electronic Funds Transfer): NEFT operates on a “Deferred Net Settlement” (DNS) basis. This means transactions are collected and processed in batches at specific intervals. While NEFT is now available 24×7, the actual settlement still happens in half-hourly batches. So, it takes some time for the payment to be settled.

Statement II is incorrect: According to RBI guidelines, inward RTGS transactions (receiving money) are free of charge. Banks are not permitted to levy any charges on the beneficiary for receiving funds via RTGS. Similarly, inward NEFT transactions are also free of charge.

Statement III is incorrect: Previously, both RTGS and NEFT operated only during specific hours on working days. However, major reforms by the Reserve Bank of India have now made both services available 24×7, 365 days a year.

NEFT became a round-the-clock service in  2019, followed by RTGS in 2020. This means that customers can now transfer funds using either system at any time of the day, on any day of the year, including weekends and bank holidays.

Source: https://www.federalbank.co.in/difference-between-neft-and-rtgs