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RTGS / NEFT Facility

Real Time Gross Settlement [RTGS] and National Electronic Funds Transfer [NEFT] are the two main fund settlement mechanisms used by Banks in India to conduct one to one transactions. These transfer protocols are maintained by the Reserve Bank of India.

RTGS / NEFT facilitates quick funds transfer and settlement among the banks, for both interbank and customer transactions. It reduces the settlement risk, as payments are made online.

The remitting customer has to furnish the following information to a bank for initiating a RTGS / NEFT remittance.

  • Amount to be remitted
  • Remitting customers account number which is to be debited
  • Name of the beneficiary bank and branch
  • Name of the beneficiary customer
  • Account number of the beneficiary customer
  • The IFSC Number of the receiving branch

Settlement time for RTGS / NEFT

Day Start Time End Time
Monday to Friday 10.00 A.M. 03.30 P.M.
Saturday 10.00 A.M. 11.30 A.M.

Outward Transaction Charge

RTGS
Amount up to Rs.5 lakh Rs.25/ transaction + ST
Rs. 5 lakh & above Rs.50 / transaction + ST
NEFT
Amount up to Rs.1 lakh Rs.5/ transaction + ST
Rs. 1 lakh & above Rs.25/ transaction + ST

Transaction Limits

RTGS NEFT
Minimum Rs.2 lakh Re.1
Maximum - Rs.10 lakh

If the amount of transaction through RTGS/NEFT is above 10 lakhs prior permission required from the Head Office.