RTGS / NEFT
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 :
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.
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
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.
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 :
Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of die beneficiary maintained with any other Bank branch
As stated above, NEFT operates in hourly batches. Currently there are twelve settlements from 8 AM to 7 PM Therefore, the beneficiary cars expect is 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
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
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