RTGS / NEFT Facility
Real Time Gross Settlement [RTGS] and National Electronic Funds Transfer [NEFT] are the two main fund settlement mechanisms used by Banks in India to conduct one to one transactions. These transfer protocols are maintained by the Reserve Bank of India.
RTGS / NEFT facilitates quick funds transfer and settlement among the banks, for both interbank and customer transactions. It reduces the settlement risk, as payments are made online.
The remitting customer has to furnish the following information to a bank for initiating a RTGS / NEFT remittance.
- Amount to be remitted
- Remitting customers account number which is to be debited
- Name of the beneficiary bank and branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
- The IFSC Number of the receiving branch
Settlement time for RTGS / NEFT
|Day||Start Time||End Time|
|Monday to Friday||10.00 A.M.||03.30 P.M.|
|Saturday||10.00 A.M.||11.30 A.M.|
Outward Transaction Charge
|Amount up to Rs.5 lakh||Rs.25/ transaction + ST|
|Rs. 5 lakh & above||Rs.50 / transaction + ST|
|Amount up to Rs.1 lakh||Rs.5/ transaction + ST|
|Rs. 1 lakh & above||Rs.25/ transaction + ST|
If the amount of transaction through RTGS/NEFT is above 10 lakhs prior permission required from the Head Office.