RTGS

The Real Time Gross Settlement (RTGS) System and National Electronic Fund Transfer (NEFT) aims to do what email did for the post card. Instead of sending instructions for payments through cheques ( Paper base clearing), with RTGS / NEFT system banks can route payments through on messages to RBI's RTGS / NEFT gateways.

As electronic messages move instantaneously the transactions can be concluded immediately unlike in the case of cheque clearing. In RTGS / NEFT environment the payer has to inform his bank to debit his account and credit the payee's (beneficiary) account with an equivalent amount. With RTGS/NEFT, money would move faster and transactions would be settled faster and payee would have funds in his account within a maximum time- frame of two hours incase of RTGS and T+1 in case of NEFT of the settlement.

RTGS / NEFT are electronic payment systems of Reserve bank of India which provides online settlement between participating banks continuously throughout the day. Using RTGS and NEFT customers of the bank can make payment to the beneficiary's account in another bank. RTGS / NEFT facilitate the funds transfer across the banks and branches . At present 95 banks and nearly 56000 branches are under these systems.

For sending the funds through the RTGS/ NEFT all you have to do is fill and sign the funds transfer instruction FORM (available at branches and on website) along with all the necessary details, such as Name of the beneficiary, name of the bank and branch, account number and type, IFSC code of the beneficiary's bank. For receipt of the funds your need to give the IFSC code of our bank and branch to the remitter of the funds.

The unique feature of these systems is unlike other clearing system funds can be transferred or received just in time (as above)

After the instructions are received in prescribed form, duly signed in we will remit the funds through RTGS and NEFT and funds will be credited to beneficiary's account.

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