RTGS & NEFT

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Transfer any amount of Rs. 2,00,000 and above within 2 Hours to Any Bank / Account Anywhere in India instantaneously with our Straight-Through Processing feature.

There is no floor or cap value for customer transactions, which are sent to the RTGS System for settlement.

For Details of Branches having RTGS and their Respective IFSC Codes, Please Click here for IFSC Codes.

"RTGS" stands for Real Time Gross Settlement.

RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. This is the fastest possible money transfer system through the banking channel. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction.

Minimum / maximum amount stipulation for RTGS transaction: The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions.

Service Essentials

The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance:

  • Amount to be remitted
  • Account number which is to be debited
  • Name of the beneficiary bank
  • Name of the beneficiary customer
  • Account number of the beneficiary customer
  • Sender to receiver information, if any
  • The IFSC code of the receiving branch

For Details of Branches having NEFT and their respective IFSC codes, Please Click here for IFSC Code.

Click here for NEFT FAQ's.

NEFT System:

National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.

The system uses the concept of centralized accounting system and the bank's account that is sending or receiving the funds transfer instructions, gets operated at one centre.

Beneficiaries receive the money

The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

The essential information that the remitting customer has to furnish is

Beneficiary details such as beneficiary name and account number.

Name and IFSC of the beneficiary bank branch.

IFS Code (IFSC); Different from MICR code

Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.

Receive/send foreign remittances through NEFT:

This system can be used only for remitting Indian Rupee among the participating banks within the country. The funds from NRI Accounts can also be remitted subject to applicability of provisions of FEMA. However, customers can remit funds to Nepal.

For more information please visit any of our Branches.

Way of remitting customer can track the remittance transaction:

The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.

Walk in customer remit can cash through NEFT from any of the SVC Branches.