Real Time Gross Settlement [RTGS] and National Electronic Funds Transfer [NEFT] are the two main fund settlement mechanisms used by Banks in India to conduct one to one transaction. These transfer protocols are maintained by the Reserve Bank of India.
RTGS / NEFT facilitates quick funds transfer and settlement among the banks, for both interbank and customer transactions. It reduces the settlement risk, as payments are made online.
The remitting customer has to furnish the following information to a bank for initiating a RTGS / NEFT remittance.
Collect NEFT slip book from the Bank. Mention beneficiary Bank and Branch name with IFSC code (Indian Financial System Code) and beneficiary’s Name, Account Type, Account Number and Amount to be remitted. Message will be sent in electronic form in a highly secured manner through NEFT System to Beneficiary Bank’s Branch.
Timings:- 10:00 am to 03:30 P.M.