FAQ's for RTGS/NEFT
1. What is Inter Bank Transfer?
Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:
NEFT: The acronym NEFT stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, , NEFT operates in hourly batches from 8 am to 7 pm on week days and 8 am to 1 pm on Saturdays.
RTGS: The acronym RTGS stands for Real Time Gross Settlement. This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India.
2. What is the minimum/maximum amount for RTGS/NEFT transactions?
Type Minimum Maximum
RTGS Rs. 2 Lakh No Limit
NEFT No Limit No Limit.
3. When does the beneficiary get the credit for a RTGS payment?
Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message.
4. When does the beneficiary get the credit for a NEFT payment?
NEFT operates in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days and five settlements from 8 am to 1 pm on Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays (between 8 am to 1 pm on Saturdays) on the same day. For transactions settled in the 6 and 7 pm batches on week days and at 1 pm on Saturday, the credit will be afforded either on the same day or on the next working day.
5. If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 1 hour. Once the amount is received by the remitting bank, it is credited to the remitters account by the branch concerned.
6. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the money cannot be credited for any reason, the beneficiary's bank has to return the money within next two batches i.e (B+2) to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank.
7 . What is the mandatory information required to make an RTGS & NEFT payment?
The Remitter has to provide the following details:
Amount to be remitted
Account no. to be credited
Name of the beneficiary bank
Name of the beneficiary customer
Sender to receiver information, if any
IFSC code of the receiving branch.
Mobile number of the remitter.
The amount will be credited to the account basing on the account number only. As such remitter has should be cautious on the account number while transferring the amounts in electronic mode.
8. How to find the IFSC code of the beneficiary branch?
Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.
Anil Aggarwal
Owner & Manager at Anil Aggarwal Coaching
(A proprietorship concern for IBPS exam guidance and Bank Interview preparation)
Mobile: +91 9811340788
E-mail ID: anilakshita@yahoo.co.in
expertanil@gmail.com
Office: Flat #49, Trilok Apartments, Patparganj, I.P. Extension, Delhi-110092.
Follow us at:
Facebook Page: https://www.facebook.com/AnilAggarwalJobguidancehub
Website: http://bankinterview.in/
Blog: http://bankinterviewanil.blogspot.in/
1. What is Inter Bank Transfer?
Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:
NEFT: The acronym NEFT stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, , NEFT operates in hourly batches from 8 am to 7 pm on week days and 8 am to 1 pm on Saturdays.
RTGS: The acronym RTGS stands for Real Time Gross Settlement. This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India.
2. What is the minimum/maximum amount for RTGS/NEFT transactions?
Type Minimum Maximum
RTGS Rs. 2 Lakh No Limit
NEFT No Limit No Limit.
3. When does the beneficiary get the credit for a RTGS payment?
Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message.
4. When does the beneficiary get the credit for a NEFT payment?
NEFT operates in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days and five settlements from 8 am to 1 pm on Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays (between 8 am to 1 pm on Saturdays) on the same day. For transactions settled in the 6 and 7 pm batches on week days and at 1 pm on Saturday, the credit will be afforded either on the same day or on the next working day.
5. If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 1 hour. Once the amount is received by the remitting bank, it is credited to the remitters account by the branch concerned.
6. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the money cannot be credited for any reason, the beneficiary's bank has to return the money within next two batches i.e (B+2) to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank.
7 . What is the mandatory information required to make an RTGS & NEFT payment?
The Remitter has to provide the following details:
Amount to be remitted
Account no. to be credited
Name of the beneficiary bank
Name of the beneficiary customer
Sender to receiver information, if any
IFSC code of the receiving branch.
Mobile number of the remitter.
The amount will be credited to the account basing on the account number only. As such remitter has should be cautious on the account number while transferring the amounts in electronic mode.
8. How to find the IFSC code of the beneficiary branch?
Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.
Anil Aggarwal
Owner & Manager at Anil Aggarwal Coaching
(A proprietorship concern for IBPS exam guidance and Bank Interview preparation)
Mobile: +91 9811340788
E-mail ID: anilakshita@yahoo.co.in
expertanil@gmail.com
Office: Flat #49, Trilok Apartments, Patparganj, I.P. Extension, Delhi-110092.
Follow us at:
Facebook Page: https://www.facebook.com/AnilAggarwalJobguidancehub
Website: http://bankinterview.in/
Blog: http://bankinterviewanil.blogspot.in/
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