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Updates

RTGS/NEFT

RTGS/NEFT

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

Sl.No

Amount Slab

NEFT (Service Tax Applicable)

1

Up to Rs.10000/-

3.00

2

Above Rs.10000/- Up to Rs.1.00 lakhs

5.00

3

Above Rs.1.00 lakhs Up to Rs.2.00 lakhs

15.00

4

Above Rs.2.00 lakhs

25.00

Sl.No

Amount Slab

RTGS (Service Tax Applicable)

1

From Rs.2.00 lakhs Up to Rs.5.00 Lakhs

30.00

2

Above Rs.5.00 lakhs

55.00