NEFT & RTGS

What is Inter Bank Transfer? 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. There are two systems of Inter Bank Transfer - RTGS and NEFT. Both these systems are maintained by Reserve Bank of India. 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. 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. Presently, NEFT operates in hourly batches from 9 am to 7 pm on week days and 9 am to 1 pm on Saturdays.

NEFT & RTGS
What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?
>>   RTGS >>minimum 2 lakhs , No maximum
>>   NEFT>>no minimum , maximum 2 lakhs
What is the minimum/maximum amount for RTGS/NEFT transactions under Corporate Internet Banking?
>>   RTGS >>minimum 2 lakhs , maximum Rs.50 lakhs for Vyapaar and Rs.500 crores for Vistaar
>>   NEFT>>no minimum , Rs.50 lakhs for Vyapaar and Rs.500 crores for Vistaar
Mandatory information required to make an RTGS & NEFT payment?
For effecting an RTGS/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



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