National electronic fund transfer (Neft) and real time gross settlement (RTGS) allow persons, companies and firms to transfer money to other banks. For Neft and RTGS enabled branches of your bank, visit Reserve Bank's website. These features are only used for transferring money within the country. For these, you need to fill the form or provide the beneficiary details-name, bank branch where the account is held, the Indian financial system code, branch code and unique account number. You can present a check for this feature. You can also transfer money through net banking.
How much can be transferred?
There are limits for minimum or maximum amount that can be transferred through Neft. You can transfer Re. 1. However, a minimum of 2 lac must be transferred for RTGS. There is no cap on the maximum amount, though. However, banks have a daily limit. For example, a maximum of 10 Lakhs in case of HDFC Bank.
What are charge applicable?
According to the Reserve Bank of India, there are no bank charges for incoming remittances. However, this outward Neft and RTGS transfers have capped charges. Through the transaction, you pay around Rs 5 to 25 depending on the amount. 1 million rupees from Bank 5, 1-2 million and 2 million bucks up to 25 bucks for 15 bucks and charge for any transfer. Under RTGS for you 2-5 million rupees and above 5 million bucks for 50 bucks to pay 25 bucks for anything.
How are different?
A deferred net settlement (DNS) is running for NEFT. Transactions are settled in batches. By the time a particular cut of all the disposal transactions takes place with. It operates in batches-9 to 11 per hour on weekdays at 7 am and 9 pm from settlements on Saturday 1 pm to between five to one. Any transaction after the time will have to wait for next settlement. RTGS constantly processes all transactions in business hours. Timingsd for RTGS - 9 AM to 4: 30 PM on weekdays and 9 AM to 1: 30 pm on Saturday. Banks can have their own cut-off timings.
For more information on NEFT and RTGS visit : NEFT and RTGS. NEFT and RTGS
If don't get credit for the amount so what?
If the transaction fails, within two hours the bank must return the amount and bank transactions should be reversed. In addition, Bank to receive a similar amount in your account within 30 minutes. The process can work quickly in RTGS. However, in the case of Neft it may take 3-4 hours.
How much can be transferred?
There are limits for minimum or maximum amount that can be transferred through Neft. You can transfer Re. 1. However, a minimum of 2 lac must be transferred for RTGS. There is no cap on the maximum amount, though. However, banks have a daily limit. For example, a maximum of 10 Lakhs in case of HDFC Bank.
What are charge applicable?
According to the Reserve Bank of India, there are no bank charges for incoming remittances. However, this outward Neft and RTGS transfers have capped charges. Through the transaction, you pay around Rs 5 to 25 depending on the amount. 1 million rupees from Bank 5, 1-2 million and 2 million bucks up to 25 bucks for 15 bucks and charge for any transfer. Under RTGS for you 2-5 million rupees and above 5 million bucks for 50 bucks to pay 25 bucks for anything.
How are different?
A deferred net settlement (DNS) is running for NEFT. Transactions are settled in batches. By the time a particular cut of all the disposal transactions takes place with. It operates in batches-9 to 11 per hour on weekdays at 7 am and 9 pm from settlements on Saturday 1 pm to between five to one. Any transaction after the time will have to wait for next settlement. RTGS constantly processes all transactions in business hours. Timingsd for RTGS - 9 AM to 4: 30 PM on weekdays and 9 AM to 1: 30 pm on Saturday. Banks can have their own cut-off timings.
For more information on NEFT and RTGS visit : NEFT and RTGS. NEFT and RTGS
If don't get credit for the amount so what?
If the transaction fails, within two hours the bank must return the amount and bank transactions should be reversed. In addition, Bank to receive a similar amount in your account within 30 minutes. The process can work quickly in RTGS. However, in the case of Neft it may take 3-4 hours.