NEFT/RTGS

RTGS / NEFT

1. 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 interbank money transfer facility available through secure banking channels in India.

2. What is the minimum/maximum amount for RTGS/NEFT transactions?

Type	Minimum	Maximum
RTGS	Rs. 2 Lacs	No Maximum
NEFT	No Minimum	Rs.2 Lacs

3. 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. 

4. When does the beneficiary get the credit for a NEFT payment?

NEFT operates in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays (between 8 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. 

5. If an RTGS 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. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned. 

6. 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. 

7. At what time during the day/week is the RTGS & NEFT service available?

RTGS transactions are sent to RBI as per 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 are sent to RBI as per the following schedule:

Day	Start Time	End Time
Monday to Friday	7:00 hrs	18:30 hrs
Saturday	7:00 hrs	12:30 hrs

NEFT transactions are settled in batches based on the following timings:

• 12 settlements on weekdays - at 08:00, 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.
• 6 settlements on Saturdays - at 08:00, 09:00, 10:00, 11:00, 12:00 and 13:00 hrs.

Please note that all the above timings are based on Indian Standard Time (IST) only. 

8. What is the mandatory information required to make an RTGS & NEFT payment?

For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:

• Amount to be remitted.
• Remitting customer's account number which is to be debited.
• Name of the beneficiary bank.
• Name of the beneficiary.
• Account number of the beneficiary.
• Sender to receiver information, if any.
• IFSC code of the destination bank branch.

9. How to find the IFSC code of the beneficiary branch?

In internet banking account, the remitter has the option of selecting the location of the destination Bank Branch in case the IFSC code is not known. If the correct values are selected for Bank, State and Branch, the IFSC code is automatically updated. 

10. Do all bank branches in India provide RTGS & NEFT service?

No. RTGS and NEFT services are enabled only in specific bank branches across the country. A list of such RTGS/NEFT enabled branches can be obtained from the RBI website,http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xlsfor RTGS and http://www.rbi.org.in/scripts/neft.aspx for NEFT. 

11.How can funds be transferred through RTGS / NEFT?

1. Avail Internet Banking facility for your account with transaction rights. Contact your SBI branch for the purpose.
2. Log on to www.onlinesbi.com using Internet Banking ID and Password. Access the Profile tab and click on the Manage Beneficiary link.
3. Select Inter Bank Payee from the options provided.
4. Select 'Add' option and provide the Beneficiary Name, Beneficiary Account Number, Address and Inter Bank Transfer Limit in the relevant fields.
5. Enter the IFSC code of the beneficiary bank branch by either:
   1. Selecting the IFSC code option and entering 11 digit IFSC code in the textbox.
   2. Selecting the Location option and then the Beneficiary Bank, State and Branch form the drop down menus provided.
6. Click the 'accept Terms of Service (Terms & Conditions)' button followed by 'confirm'
7. A high security password is sent to the mobile number as an additional security measure. Enter this password to authorize the beneficiary.
8. The beneficiary added is activated in a maximum of 16 hrs time. Once activated you can transfer funds to the beneficiary.
9. To remit funds to the Inter Bank Payee through RTGS/NEFT select the 'Inter Bank Transfer' link in the 'Payments/Transfers' tab.
10. Select the Transaction Type - RTGS or NEFT.
11. The list of beneficiary accounts added is displayed.
12. Enter the Amount and select the beneficiary to be credited from the list.
13. Click on 'accept Terms of Service (Terms & Conditions)' and confirm.

12. What are the service charges applicable for RTGS/NEFT transactions?

Charges for RTGS are as:

Time of settlement at the Reserve Bank of India		Charges per Transaction for Outward Transactions
From	To
09:00 Hours	12:00 Hours	Rs.2 lakhs to Rs.5 lakhs	Rs.25/-
		Above Rs.5 lakhs	Rs.50/-
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/-
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/-

Charges for NEFT are as:

Amount	Service Charge
Up to Rs.10,000/-	Rs.2.50/-
From Rs.10,001/- to Rs.1 Lakh	Rs.5/-
Above Rs.1 lakh up to Rs.2 lakhs	Rs.15/-
Above Rs.2 lakhs	Rs.25/-

13. 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.