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.
|Monday To Saturday (Except 2nd and 4th Saturday)||8 Am to 6.30 Pm|
|NEFT||1 to 10000||3.00|
|10001 to 100000||5.00|
|100001 to 200000||15|
|200001 to 500000||30|
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’s transactions is available from 9.00 hours to 16.30 hours.
|RTGS||200001 to 500000||30.00|
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours
IMPS : (Immediate Payment Service) this facility will be made available in the near future.