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NRI: RTGS & NEFT
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What is Inter Bank Transfer? Inter Bank
Transfer is a special service that allows you to transfer funds electronically
to accounts in other banks in India through:
- NEFT - The acronym “NEFT”
stands for National Electronic Funds Transfer. Funds are transferred to the
credit account with the other participating Bank using RBI's NEFT service.
RBI acts as the service provider and transfers the credit to the other
bank's account.
- RTGS –The acronym “RTGS”
stands for Real Time Gross Settlement. The RTGS system facilitates transfer
of funds from accounts in one bank to another on a “real time” and on “gross
settlement” basis. The RTGS system is the fastest possible inter bank money
transfer facility available through secure banking channels in India.
151. What is the minimum/maximum amount
for RTGS/NEFT transactions under Retail Internet Banking?
| Type |
Minimum |
Maximum |
| RTGS |
Rs. 1 Lakh |
No Limit |
| NEFT |
No Limit |
Rs.5 Lakh |
| |
152. What is the minimum/maximum amount
for RTGS/NEFT transactions under Corporate Internet Banking?
| Type |
Minimum |
Maximum |
| RTGS |
Rs. 1 Lakh |
No Limit |
| NEFT |
No Limit |
No Limit |
| |
153. When does the beneficiary get the
credit for a RTGS payment?
Under normal circumstances the beneficiary bank’s
branch receives the funds in real time as soon as funds are transferred by the
remitting bank.
154. When does the beneficiary get the
credit for a NEFT payment?
The funds will be sent to the RBI within three
hours of the transaction. The actual time taken to credit the beneficiary
depends on the time taken by the beneficiary bank to process the payment.
155. If an RTGS transaction is not
credited to a beneficiary account, does the Remitter get back the money?
Yes. If it is unable to credit the amount of the
remittance to the account of the beneficiary for any reason, the beneficiary’s
bank has to return the money to the remitting bank within 2 hours. Once this
amount is received back by the remitting bank, the amount is credited to the
Remitter's account by the remitting bank branch.
156. If an NEFT transaction is not
credited to a beneficiary account, does the Remitter get back the money?
Yes. If the money cannot be credited for any
reason, the beneficiary’s bank has to return the money to the remitting bank.
Once this amount is received back by the remitting bank, the amount is credited
to the Remitter's account by the remitting bank branch.
157.At what time during the day/week is
the RTGS & NEFT service available?
RTGS transactions will be sent to RBI based on the
following schedule:
| Day |
Start Time |
End Time |
| Monday to Friday |
9:00 hrs |
16:00 hrs |
| Saturday |
9:00 hrs |
13:00 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 |
| |
NEFT transactions are settled in batches based on
the following timings:
6 settlements on weekdays - at 09:00, 11:00, 12:00, 13:00, 15:00, and 17:00 hrs.
3 settlements on Saturdays - at 09:00, 11:00, and 12:00 hrs.
Please note that all the above timings are based on Indian Standard Time (IST)
only.
158. What is the mandatory information
required to make an RTGS & NEFT payment?
The Remitter has to provide the following details:
- Amount to be remitted
- Account number which is to be debited
- Name of the beneficiary bank
- Name of the beneficiary
- Account number of the beneficiary
- Remarks or description, if any
- The IFSC code of the beneficiary branch
159. How to find the IFSC code of the
beneficiary branch?
The IFSC code is based on simple search options-
Location, Bank & Branch. The IFSC code will automatically be updated or if you
know the IFSC code of the beneficiary bank, you can provide it directly.
160.Do all bank branches in India
provide RTGS & NEFT service?
No. RTGS facility is enabled only in specific
bank branches across India. You can view a list of these branches in the RBI
website:
www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific
bank branches across India. You can view a list of these branches in the RBI
website:
http://www.rbi.org.in/scripts/neft.aspx.
161. How do I go about using this
service?
- You should be an active Internet
Banking user with transaction rights.
- Log on to www.onlinesbi.com by using
your SBI Internet Banking ID and Password.
- Click on the ‘Manage Interbank Payee’
link in the ‘Profile’ tab.
- Select the ‘Add’ option and provide the
Beneficiary Name, Beneficiary Account Number, Beneficiary Bank and
transfer limit to register the Beneficiary.
- IFSC code of the Beneficiary’s bank can
be keyed in by two ways:
- Click the IFSC Code option and a
textbox is displayed where you can enter the 11 digit IFSC Code of
the Beneficiary Bank.
- Click the Location option, the
following are retrieved and displayed.
- Beneficiary Bank Name –
Dropdown Menu
- Location - Dropdown Menu
- Branch - Dropdown Menu
- The confirm button will be enabled only
after clicking the accept button in the terms and conditions window.
- After providing all the details, the
beneficiary will be added. It will be shown whether the added
beneficiary bank is RTGS or NEFT enabled.
- After adding the Beneficiary you will
receive a high security password in your mobile number. This is done
basically to double check your identity. Provide the password to
authorize the Beneficiary After a Beneficiary is authorized you can
start transferring funds.
- You can proceed to make payments by
clicking the ‘Inter bank Transfer’ link in the ‘Payments/Transfers’ tab.
- According to the transaction type
selected (RTGS/NEFT), the credit account details will be displayed
depending on whether the branch is RTGS or NEFT enabled or both.
- Select the Beneficiary from the list of
registered Beneficiaries.
- You can either confirm or cancel the
transaction.
162.What are the service charges
applicable for RTGS/NEFT transactions?
Commission charges: For outward RTGS Rs. 25/-
per transaction. For Inward RTGS, Rs. 100/- per message to be recovered from the
recipient.
Charges for NEFT transactions are as listed in the following table:
| |
Amount |
Service Charge |
| RTGS |
Upto Rs.5 lakhs
Rs. 5 lakhs & above |
Rs.25/-
Rs.50/- |
| NEFT |
Upto Rs.1 lakh
Rs.1 lakh & above |
Rs.5/-
Rs.25/- |
| |
163.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 receiver
bank/branch or the Customer Facilitation Service center of the banks.
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