Free RTGS/NEFT facility

Free RTGS/NEFT facility :

*THIS FACILITY IS OFFERED FREE OF CHARGE TO OUR CUSTOMERS*

What is 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.

 

What is 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.

 

If amount is less than 2 lakhs – NEFT

If amount is greater than 2 lakhs – NEFT / RTGS

 

REVISED CUT OFF TIMINGS OF RTGS/NEFT :

 

Normal Days

Saturday

NEFT

4:45 pm

11:15 pm

RTGS

3:10 pm

12:15 pm

 

RTGS/NEFT HOLIDAYS – 2016

S. No.

Date

Day

Occasion

1

Jan 26, 2016

Tuesday

Republic Day

2

Mar 25, 2016

Friday

Good Friday

3

Apr 01, 2016

Friday

Annual Closing of Banks

4

Aug 15, 2016

Monday

Independence Day

5

Oct 11, 2016

Tuesday

Dussehra/Vijay Dasami

6

Oct 12, 2016

Wednesday

Moharram