RHEL 7 comes preinstalled with Chrony. While everybody knows Ntpd, Chrony is a newcomer to the game of timekeeping.
Chrony is a set of programs that maintains the time on your computer using different time sources, such as NTP servers, your system's clock, and even custom-made scripts/programs. It also calculates the rate at which the computer loses or gains time to compensate while no external reference is present—for example, if your NTP server(s) is(are) down.
Chrony is a good solution for systems which are intermittently disconnected and reconnected to a network.
Ntpd should be considered for systems that are normally kept on permanently.
When talking about managing time in RHEL, it can be done through:
Chrony
Ntpd
We'll take a look at each of the methods separately.