| The saperate IFSC Code alloted to branches from RBI |
| RTGS |
Real Time Gross Settlement System
Any amount of Rs. 2, 00,000 and above within 2 Hours to Any Bank. The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions. |
| NEFT |
National Electronic Fund Transfer
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.
The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement. |
| 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. / NEFT |
- Details
- 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.
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