The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code is also available on the cheque leaf. The IFSC code is also available on the RBI website (https://rbi.org.in/scripts/BS_ViewRTGS.aspx). This code number and bank branch details can be communicated by the beneficiary to the remitting customer.Learn More What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be affected ?
The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance: Amount to be remitted Remitting customer’s account number which is to be debited Name of the beneficiary bank Name of the beneficiary customer CBS account number of the beneficiary customer * The IFSC Number of the receiving branch …Learn More What about Processing Charges / Service Charges for RTGS-NEFT transactions?
RTGS Charges : Rs. 2 to 5 Lacs : Rs.25/- + GST Rs. 5 Lacs & above : Rs.50/- + GST NEFT Charges : Up to Rs. 10,000 : Rs.2.5/- + GST Rs. 10,001 to 1 Lacs : Rs. 5/- + GST Rs. 1 Lacs to 2 Lacs : Rs.15/- + GST Above Rs. 2 …Learn More Till what time RTGS-NEFT service window is available?
Cut off Time : RTGS : 10:00 AM to 5:30 PM NEFT : 10:00 AM to 5:30 PM Online service available 24*7*365 Mobile Banking Internet Banking Settlement Time : RTGS : immediate settled NEFT : In batches of 30 minutesLearn More Would the remitting customer get back the money if it is not credited to the beneficiary’s account? When?
Yes. It is expected that the receiving bank will credit the account of the beneficiary instantly. If the money cannot be credited for any reason, the receiving bank would have to return the money to the remitting bank immediately. Once the money is received back by the remitting bank, the original debit entry in the …Learn More What is the time taken for effecting funds transfer from one account to another under RTGS?
Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.Learn More Is there any minimum / maximum amount stipulation for RTGS transactions?
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 lakh. There is no upper ceiling for RTGS transactions.Learn More How RTGS is different from National Electronics Funds Transfer System (NEFT)?
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. For example, currently, NEFT operates in hourly batches – there are eleven settlements from 8 am to 7 pm …Learn More What is RTGS System?
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).’Real Time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer …Learn More