- What is Inter Bank Transfer?
Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer - RTGS and NEFT. Both these systems are maintained by Reserve Bank of India.
RTGS- Real Time Gross Settlement- This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
NEFT- National Electronic Fund Transfer- This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in hourly batches from 9 am to 7 pm on week days and 9 am to 1 pm on Saturdays.
The above mentioned facilities are available to both Retail and Corporate Internet Banking users of SBI (provided they have availed transaction rights). - What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?
Type
Minimum
Maximum RTGS
Rs.2 Lakhs
Rs.5 Lakhs
NEFT
No Minimum
Rs.5 Lakhs
- What is the minimum/maximum amount for RTGS/NEFT transactions under Corporate Internet Banking?
Type Minimum Maximum RTGS Rs.2 Lakhs Rs.50 lakhs for Vyapaar and
Rs.500 crores for VistaarNEFT No Minimum Rs.50 lakhs for Vyapaar and
Rs.500 crores for Vistaar - When does the beneficiary get the credit for a RTGS payment?
Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.
- When does the beneficiary get the credit for a NEFT payment?
As stated above, NEFT operates in hourly batches. Currently there are eleven settlements from 9 am to 7 pm on week days and five settlements from 9 am to 1 pm on Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 9 am to 5 pm on weekdays (between 9 am to 12 noon on Saturdays) on the same day. For transactions settled in the 6 and 7 pm batches on week days and at 1 pm on Saturday, the credit will be afforded either on the same day or on the next working day. - If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?
Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned. - If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned. - At what time during the day/week the RTGS & NEFT services are available?
RTGS transactions are sent to RBI as per the following schedule:
Day Start Time End Time Monday to Friday 9:00 hrs 16:30 hrs Saturday 9:00 hrs 13:30 hrs
NEFT transactions will be sent to RBI based on the following schedule:
Day Start Time End Time Monday to Friday 8:00 hrs 18:30 hrs Saturday 8:00 hrs 12:30 hrs - What are the service charges applicable for RTGS/NEFT transactions?
Charges for RTGS/NEFT are as listed in the following table:
RTGS Time of settlement at the Reserve Bank of India Charges per Transaction for Outward Transactions. From To 1 09:00 Hours 12:00 Hours Rs.2 lakhs to Rs.5 lakhs Rs.25/- Above Rs.5 lakhs Rs.50/- 2 After 12:00 Hours 15:30 ( 13:00 hrs on Saturday hours) Rs.2 lakhs to Rs.5 lakhs Rs.26/- Above Rs.5 lakhs Rs.51/- 3 After 15:30 Hours 16:30 hrs ( On week days) Rs.2 lakhs to Rs.5 lakhs Rs.30/- Above Rs.5 lakhs Rs.55/-
Amount Service Charge NEFT Upto Rs.1 lakh Rs.5/- Above Rs.1 lakh to Rs.2 lakhs Rs.15/- Above Rs.2 lakhs Rs.25/- - Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT transaction?
Please contact your bank/branch or the destination bank/branch or the Customer Facilitation Service Centre of the banks.
RTGS / NEFT
