NEFT/ RTGS
Timings for RTGS & NEFT
| Transaction Times | NEFT | RTGS |
| Monday to Saturday | 10.00 am to 6.00 pm | 10.00 am to 5.00 pm |
| Saturdays | 2nd & 4th CLOSED | 2nd & 4th CLOSED |
Amount Limit
| Transaction Amount Limit | NEFT | RTGS |
| Minimum | Re. 1/- | Rs. 2 lakh and above |
| Maximum | 25,00,000/- | No limit |
Feature: RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another bank 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.
Information needed for RTGS
- 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 IFS code of the receiving branch.
National Electronic Fund Transfer (NEFT)
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.Transfer – any amount of Rs.1 and above to any Bank. There is no upper ceiling for NEFT transactions.
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.
Beneficiary receives the money:-
The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement
The information required:-
- 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 IFS code of the receiving branch.