Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer - RTGS and NEFT. Reserve Bank of India maintains both these systems.
RTGS- 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). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
NEFT- National Electronic Fund Transfer- 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 9 am to 7 pm on week days and 9 am to 1 pm on Saturdays.
The above-mentioned facilities are available to both Retail and Corporate customer of Janaseva Bank
|RTGS||Rs.2 Lakhs||Rs.5 Lakhs|
|NEFT||No Minimum||Rs.5 Lakhs|
|RTGS||Rs.2 Lakhs||Rs.50 lakhs for Vyapaar andRs.500 crores for Vistaar|
|NEFT||No Minimum||Rs.50 lakhs for Vyapaar andRs.500 crores for Vistaar|
Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as the remitting Bank transfers funds. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.
As stated above, NEFT operates in hourly batches. Currently there are eleven settlements from 9 am to 7 pm on week days and five settlements from 9 am to 1 pm on Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 9 am to 5 pm on weekdays (between 9 am to 12 noon on Saturdays) on the same day. For transactions settled in the 6 and 7 pm batches on weekdays and at 1 pm on Saturday, the credit will be afforded either on the same day or on the next working day.
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 2 hours. Once the remitting bank receives the amount, it is credited to the remitter's account by the branch concerned.
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 2 hours of completion of the batch in which the transaction was processed. Once the remitting bank receives the amount, it is credited to the remitter's account by the branch concerned.