RTGS (Real Time Gross Settlement) & NEFT (National Electronic Fund Transfer)
United Insta Remit (RTGS) and United Rapid Remit (NEFT) are safe, secure, sound, economical, reliable and efficient fund transfer system enabling users to use funds instantly as funds are transferred same day. It is a fully secured and economical as it does not involves courier or postal charges. The faster collection of funds ensures efficient cash management for the corporate.
United Insta Remit (RTGS) is a comprehensive secured on line settlement solution, set up, operated and maintained by Reserve Bank of India to enable funds settlement across banks in the country on real time basis to minimise costs and maximize benefits, increase velocity of funds-flow both inter- city and inter bank, reduce credit risk, increase transparency of payments and better liquidity management.
In RTGS system, inter-bank payment instructions are processed and settled transaction by transaction and continuously (online) through out the day.
Date of Implementation: In India RTGS System has been implemented w.e.f. March 26, 2004 placing India at par with the best practices in the world in terms of payment system.
Main Benefit: RTGS provides liquidity to the beneficiary in no time on the date of transaction itself.
Features of United Insta Remit (RTGS):
- All customers maintaining SB/CD/CC/OD accounts are eligible for remittance of fund through RTGS.
- Minimum Rs.1 lacs and maximum no limit for fund transfers.
- Settlement of funds on real time basis.
Business Hours regarding RTGS Transactions:
Days |
Customer Transactions |
Inter-bank Transactions |
Monday to Friday |
From: 9 hrs to: 16.30 hrs |
From: 9 hrs to: 18.00 hrs |
Saturday |
From: 9 hrs to: 13.30 hrs |
From: 9 hrs to: 15.00 hrs |
NEFT (National Electronic Fund Transfer)
United Rapid Remit (NEFT) is a National Electronic Fund Transfer Settlement System where transmission, processing is done for a set of transactions at a particular point of time and the settlement takes place on a pre-fixed interval of time or at the end of the day.
Features of United Rapid Remit (NEFT)
- Facility available to all customers/account holders.
- Minimum and Maximum no limit for fund transfer.
RTGS and NEFT is managed by RBI being the Central Bank because all the Banks maintain current Account with RBI.
Customer Fund Transfer:
OUTGOING :The customer would submit an application in the common application form for DD/ MT/ TT/ EFT/ SEFT/ SFMS/ RTGS to the originating branch for transfer of funds to any other RTGS enabled branch of other bank. The originating branch after debiting the customer's a/c or realisation of the consideration money would send a message to the destination branch.
INCOMING : On receipt of a valid and authenticated message, the destination branch applies the funds to the beneficiary's a/c after ensuring matching of Name and Account No.
Business Hours regarding NEFT Transactions:
Days |
Customer Transactions |
Monday to Friday |
From: 9 hrs to: 19.00 hrs (11 hourly settlements) |
Saturday |
From: 9 hrs to: 13.00 hrs (5 hourly settlements) |
Service Charges: Click here to view
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