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.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporate can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.
Individuals, firms or corporate maintaining accounts with our bank branch can receive funds through the RTGS / NEFT system. It is, therefore, necessary for the beneficiary to have an account with the RTGS / NEFT enabled destination bank branch in the country.
Individuals, firms or corporate maintaining accounts with our bank branch can transfer funds using NEFT/RTGS. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at our NEFT-enabled branches with instructions to transfer funds using NEFT/RTGS. Such customers have to furnish full details including complete address, telephone number, etc. NEFT/RTGS, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.
For affecting an RTGS/NEFT remittance the remitter has to furnish the following information:
The structure of charges that can be levied on the customer for NEFT is given below:
RTGS / NEFT offers many advantages over the other modes of funds transfer:
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