Inter Bank Fund Transfer (NEFT/RTGS):


Inter Bank Fund 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 presently.RTGS /NEFT systems are maintained by respective departments of Reserve Bank of India.


  1. 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.
  2. NEFT- National Electronic Fund Transfer- National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporate can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.


Individuals, firms or corporate maintaining accounts with our bank branch can receive funds through the RTGS / NEFT system. It is, therefore, necessary for the beneficiary to have an account with the RTGS / NEFT enabled destination bank branch in the country.


Individuals, firms or corporate maintaining accounts with our bank branch can transfer funds using NEFT/RTGS. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at our NEFT-enabled branches with instructions to transfer funds using NEFT/RTGS. Such customers have to furnish full details including complete address, telephone number, etc. NEFT/RTGS, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.


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

  1. Amount to be remitted.
  2. Remitting customer’s account number which is to be debited
  3. Name of the beneficiary bank.
  4. Name of the beneficiary.
  5. Account number of the beneficiary.
  6. Sender to receiver information, if any
  7. IFSC code of the destination bank branch


What is the minimum/maximum amount for RTGS / NEFT transactions under Retail Banking?

Minimum / Maximum amount for RTGS / NEFT transactions under Retail Banking
Type Minimum Maximum
RTGS Above Rs. 2 Lakhs No Limit
NEFT No Minimum Upto Rs.2 Lakhs


NEFT/RTGS Transaction Timings

Transaction Timings NEFT RTGS
Monday to Saturday (Except 2nd and 4th Saturday) 10 AM to 3.30 PM 10 AM to 3.30 PM


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?

NEFT operates in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays on the same day. For transactions settled in the 6 and 7 pm batches on week days, the credit will be afforded either on the same day or on the next working day.

All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.