RTGS / NEFT Facility

RTGS for Funds Transfer

RTGS - Real Time Gross Settlement. This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.

Benefits :

  RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.

FAQ

  • Q: What is Inter Bank Transfer?
  • Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch.
  • Q: When does the beneficiary get the credit for a RTGS payment?

  •   Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank.
      RTGS will not be operated on second and fourth Saturdays but would operate for full day on remaining working Saturdays.

  • Q: If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?
  • Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.
  • Q: What is the mandatory information required to make an RTGS payment?

  • For effecting an RTGS remittance the remitter has to furnish the following information:
      Amount to be remitted.
      Remitting customer's account number which is to be debited
      Name of the beneficiary bank.
      Name of the beneficiary.
      Account number of the beneficiary.
      Sender to receiver information, if any
      IFSC code of the destination bank branch

NEFT for Funds Transfer

NEFT - National Electronic Fund Transfer - This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS.

Benefits :

  Handle Credit card payments
  Faster because no demand drafts, cheques or letters.
  What is NEFT Funds Transfer? A nation- wide funds transfer system, supporting the transfer of funds from any bank branch to any other bank branch.

FAQ

  • Q: What is Inter Bank Transfer?
  • Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch.
  • Q: When does the beneficiary get the credit for a NEFT payment?

  •   As stated above, NEFT operates in hourly batches. Currently there are twelve settlements from 8 AM to 7 PM. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 AM to 7 PM on the same day.
      NEFT will not be operated on second and fourth Saturdays but would operate for full day on remaining working Saturdays.

  • Q: If an NEFT transaction is not credited to the beneficiary account, does the remitter get back the money?
  • Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.
  • Q:What is the mandatory information required to make an NEFT payment?

  • For effecting an NEFT remittance the remitter has to furnish the following information:
    Amount to be remitted.
      Remitting customer's account number which is to be debited
      Name of the beneficiary bank.
      Name of the beneficiary.
      Account number of the beneficiary.
      Sender to receiver information, if any
      IFSC code of the destination bank branch