RTGS (Real Time Gross Settlement) is an electronic payment platform of Reserve Bank of India which provides online settlements between participating Banks. Instead of payments through cheques, with Real Time Gross Settlement System banks can route payments through on-line messages to RBI’s RTGS Payment Gateway. It 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 instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
RTGS System is fund transfer mechanism, where transfer of money takes place from one bank to another. Customer can transfer amount from his account to beneficiary customer’s account in other RTGS enable banks branch any where in India.
NEFT (National Electronics Funds Transfer System) 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. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. The funds are transferred in eleven batches on weekdays and in five batches on Saturdays. NEFT facilitate the funds transfer across the country over participating Banks and Branches.
Through RTGS one can remit an amount of Rs. 2 lac & above
Through NEFT one can remit any amount.
Customer has to submit his application in prescribed format of Bank. Application forms are available in all branches. Customer has to submit the application within following timings.
Timings for RTGS :
Monday to Friday - 10.00 am to 4.00pm
Saturday - 10.00 am. To 12.00 noon.
Timings for NEFT :
Monday to Friday - 10.00 am To 4.30 pm
Saturday - 10.00 am To 12.00 noon.
Presently we are providing this facility with nominal charges for Outward RTGS/NEFT transaction and free of cost for Inward RTGS/NEFT transaction.