RTGS provides you the following value added features
- Quicker settlement cycles
- Assured finality of settlement
- Intra Day Credit/Liquidity
- Reduced operational risk of fraud and loss of cheques
- Secure transactions
- Controlled flow of transactions
- Wider day time window for collections / payments
- Cuts across geographical boundaries
National Electronic Fund Transfer (NEFT)
- The NEFT facilitates the transfer of funds electronically from one customer’s account to another’s account between NEFT participant bank branches in India.
- It offers an efficient, secure, economic, reliable and expeditious solution of funds transfer. The NEFT system, in contrast with RTGS System, settles in batches at different intervals.
- While RTGS is used for high value transactions (above INR 2 Lakh), NEFT can be used for any amount, inclusive of paisa component.
- Customers have the option of choosing and originating remittances through either NEFT or RTGS of RBI
| Transfer of Funds | |||
| Through RTGS (Charges as per RBI guidelines) w.e.f. 15.11.2010 | |||
| Rs. 2 To 5 lakhs | Rs.25 per transaction | Rs.25 per transaction * | |
| * | Additional Charge of Rs. 5/- over the above charges will be levied for Transaction request received after 15.00 Hrs and processed in RTGS batch after 15.40 Hrs w.e.f - 01 / 10 / 2011 | ||
| Through NEFT | |||
| Up to Rs.10,000/- >> For BBK Account Holder >> For Other Applicants | Free Rs.5/- Per transaction | Free Rs.5/- Per transaction | |
| up to 1 lakhs | Rs.5/- per transaction | Rs.5/- per transaction | |
| Above Rs. 1 lakh to Rs.2 lakhs | Rs.15/- per transaction | Rs.15/- per transaction | |
| Above Rs.2 Lakhs | Rs.25/- per transaction | Rs.25/- per transaction | |
| Remittance request above Rs.10,000/- attracts same charges for Account Holders and Non-account holder applicant. | |||
