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Common questions for all RTGS funds transfer
All RTGS funds transfer
How do I check the IFSC of the receiving branch?
Just ask your beneficiary to get the IFSC from his or her branch. They can also find it in their cheque book - the IFSC is in the cheque leaf.
How is RTGS different from National Electronic Funds Transfer (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 at a definite time and all transactions are held up till that instant. Any transaction initiated after a designated settlement time will have to wait till the next designated settlement time. RTGS is different because transactions are processed continuously.
What is RTGS Funds Transfer?
'RTGS' stands for 'Real Time Gross Settlement'. The RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on a 'gross' basis. This is the fastest possible money transfer system through banking channels.
'Real time' means no waiting period; transactions are settled as soon as they are processed. 'Gross settlement' means the transaction is finalized on its own, without it being bunched with any other transaction.
Are there minimum or maximum limits for RTGS transfers?
The RTGS system has been designed for large value transactions.
The minimum amount to be remitted through RTGS is Rs. 2 Lakhs. There is no upper ceiling for RTGS transactions.
The only change to this is RTGS transactions done through NetBanking, when the maximum amount of funds that can be transferred per Customer ID per day is Rs. 10 Lakhs.
What information do I need to provide when using the RTGS funds transfer service?
When using RTGS Funds Transfers, there are a few essential details to provide:
- Amount to be remitted
- Account number from where the funds will be debited
- Name of the beneficiary bank, and the name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if there is one
- The IFSC code of the receiving branch
What are the charges for the RTGS funds transfer service?
Effective 15 November, 2010; RTGS transactions on NetBanking are charged as below :
- Rs. 2 lac to Rs. 5 lac - Rs. 25 (inclusive of taxes) per transaction
- Above Rs. 5 lac - Rs. 50 (inclusive of taxes) per transaction
Note: RTGS transfers can be done for amounts exceeding Rs. 2,00,000 only whereas for NEFT there are no such amount restrictions.
How long does it take for funds to be transferred from one account to another?
Real-time means that beneficiary branches are expected to receive the funds as soon as they are transferred by the remitting bank. The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message.
If the money is not credited successfully, will the remitting customer get the funds back?
With RTGS, the receiving bank should credit the account of the beneficiary instantly. If for some reason the money cannot be credited, the receiving bank has to return the money to the remitting bank within 1 hour. As soon as the money is returned, the original debit entry in the customer's account is reversed.