RTGS (Real Time Gross Settlement)

This is the fastest possible money transfer system through the banking channel.

Beneficiary account credited within 2 hours in RTGS (Amt Rs.1 Lakh and above).

Assured transfer of funds.

Reasonable rate of commission as compared to demand drafts and pay order.

Here is a list of FAQ's (Frequently Asked Questions) about RTGS System :

What is RTGS System?

The acronym "RTGS“ stands for Real Time Gross Settlement RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time“ and on "gross“ basis‘ This is the fastest possible money transfer system through the banking channelt Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India. the payment is taken as final and irrevocable.

Is there any minimum / maximum amount stipulation for RTGS transactions?

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions.

What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be effected?

The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance:-

Amount to be remitted

His account number which is to be debited

Name of the beneficiary bank

Name of the beneficiary customer

Account number of the beneficiary customer

Sender to receiver information, if any

The IFSC code of the receiving branch

Your Bank is one of the few banks in India who has the facility of Straight Through Processing enabled for RTGS. This helps your money to reach its destination in "QUICKEST" time.

NEFT (National Electronic Funds Transfer)

It is account to account funds transfer system.

Immediate remittance of funds by electronic mode of payment across India

Beneficiary account credited on the same day in NEFT (No limit on minimum and maximum amount to be transferred).

Highly secured / "No risk" mode of funds transfer.

RTGS / NEFT Services

RTGS

Limit for Individual transactions

Minimum: Rs. 100,000/

Maximum: No Limit.

Inward transaction: No Charges.

Outward transaction: As per Service Charges.

Remitting Customer has to furnish

Beneficiary details: Name and Account Number

Beneficiary Bank branch: Name and IFSC Code

Beneficiary Customer can obtain the IFSC code from his branch. The IFSC Code is also available on the Cheque leaf. This IFSC oode/ Bank Branch details can be communicated by the Beneficiary to the remitting customer.

NEFT

There is no value limit for Individual transaction.

Inward Transaction: No Charges.

Outward Transaction:-

Up to Rs. 1 Lac => Rs. 5/- per transaction

Rs. 1 Lac and above => Rs. 25/- per transaction

Remitting Customer has to furnish

Beneficiary details: Name and Account Number

Beneficiary Bank branch: Name and IFSC Code

NEFT settlement takes place 6 times a day during the week days and 3 times during Saturday.