Services

RTGS

Real Time Gross Settlement(RTGS) refers to fund transfer systems in which the transfer of money or securities takes place from one bank to another on a 'real time' and on 'gross' basis. In Real Time settlements, payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. 'Gross settlement' means that the transaction is settled on one to one basis without netting with any other transaction.

NEFT

National Electronic Funds Transfer (NEFT) is an electronic funds transfer system which enables transfer of funds to other bank accounts across the country. The advantage with NEFT is that it is a secure, safe, quick and cost-effective mean to transfer funds especially for retail remittances.

CHARGES FOR NEFT/RTGS

Fund Transfer is transferring money from your accounts (Savings, Current and Cash Credit Accounts) to any type of account with any Bank. You can also transfer funds from your accounts with any other bank to your deposit accounts, other than term deposit accounts, and Loan Accounts with us. The following are the different types of fund transfers available.

• NEFT: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

• RTGS: The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs:- 2 lakh.

The RTGS service window for customer

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At present the Bank offers onsite ATM services at the below mentioned 16 branches.

• Nilambur Main

• Wandoor

• Kalikavu

• Pothukal

• Mampad
• Thrikkalngode
• erumamunda
• Vaniyambalam
• Karappuram
• Thiruvali
• Karulai
• Vazhikadavu
• Pookkottumpadam
• Cherukode
• Pandikkad
• Edakkara Evening
• Wandoor Evening
• Karuvarakundu
• Chokkad

Nilambur Co Operative urban Bank is now a part of the NPCI network, comprising of India

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