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Real Time Gross Settlement System (RTGS), is a modern, robust,
integrated payment and settlement system. RTGS is a system whereby
the Banks and FINANCIAL Institutions maintaining accounts with RBI
can transfer FUNDS to one another on an immediate, final and
irrevocable basis during business hours.
The Facility can be used for Fund Transfer to other Bank on behalf
of the customers. This is R41 transaction and funds are transferred
by debiting customer’s account to the destination account of other
participating bank directly without any manual intervention. For
this purpose correct destination account number and IFSC code of the
destination bank / branch is required from the customer availing
this facility.
Eligibility Criteria For Customer Transactions
FUND Transfer through RTGS can be availed by the customers who
maintain their operative accounts viz., Savings Bank, Current
Account. This facility can also be allowed to CC / OD account etc.,
subject to ensuring end use of FUNDS.
Outward / Inward remittance facility under RTGS is offered to the
customers of all our branches.
This facility is not extended to Non - Customers.
This facility is not available to customers against cash payment.
Outward RTGS (R41) facility will not be available for first 7 days
in any account of new customer.
Outward RTGS from any branch other than the parent/base/home branch
shall not be allowed.
Benefits of the System for the Customer
Pan Indian reach of all banks.
Faster fund transfers.
Operational convenience.
Cost effectiveness.
There is no Maximum limit for transaction amount.
Customers have to submit a request by filling up a form available in
all CBS Branches along with the cheques/Debit instruction to the
branch. The customer has to inform the beneficiaries account number,
Name and IFSC code the Bank/ Branch where the funds are to be
remitted.
IFSC (Indian FINANCIAL System Code) is an eleven digit code given to
each branch of all banks which are participating in RTGS. The list
of the branches participating in RTGS is also available in RBI’s
website
www.rbi.org.in
Customer Transaction : Operating Session at Branches
Monday to Friday – 10.00 hrs. to 5.00 hrs. (As per RBI order)
Saturday – 2nd & 4th Saturday Holiday ( As per RBI order)
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N.E.F.T. |
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NATIONAL ELECTRONIC FUND TRANSFER(NEFT) |
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Introduction |
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Reserve Bank of India has introduced a system called
The Reserve Bank of India National
Electronic FUNDS Transfer System which may be
referred to as NEFT System, for participating banks
and institutions with the required system of
computer and communication network through which
funds transfer operation would take place. Our bank
is one of the participants in the above system.
Presently, our all the Service Outlets are enabled
to offer NEFT facilities to their customers. |
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Objectives |
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The objectives of the NEFT System are: |
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To establish an Electronic FUNDS Transfer
System to facilitate an efficient, Secure,
economical, reliable and expeditious system of FUNDS transfer
and Clearing in the banking sector throughout
India, and
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To relieve the stress on the existing paper
based funds transfer and clearing system.
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Eligibility Criteria For Customer Transactions |
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Fund Transfer through NEFT can be availed by the
customers who maintain their operative accounts
viz., Savings Bank, Current Account. This
facility can also be allowed to CC / OD account
etc., subject to ensuring end use of funds.
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Outward / Inward remittance facility under NEFT
is offered to the customers of all our CBS
branches.
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This facility is extended to Walk -in Customers.
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This facility is available to Walk- in customers
against cash payment upto Rs.50,000/-
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Outward NEFT (N06) facility will not be
available for first 7 days in any account of new
customer.
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Outward NEFT from any branch other than the
parent/base/home branch shall not be allowed.
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Procedure for availing the facility |
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Customers have to submit a request by filling up
a form available in all CBS Branches along with
the cheques/Debit instruction to the branch.
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The customer has to inform the beneficiaries
account number, Name and IFSC code the Bank/
Branch where the funds are to be remitted.
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NEFT transactions may be made for amounts
inclusive of paisa component.
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There is no upper value limit for putting
through an individual NEFT transaction.
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IFSC (Indian FINANCIAL System
Code) is an eleven digit code given to each
branch of all banks which are participating in
RTGS.
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The list of the branches participating in NEFT
is also available in RBI's website www.rbi.org.in
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