another electronic fund transfer system.
However, NEFT operates on a Deferred Net Settlement (DNS) basis
rather than on real time basis. Thus, under NEFT
transactions are settled in in batches.
Under DNS, the settlement takes place with all transactions
received till the particular cut-off time and all such
transactions are also netted (i.e. payable and receivables and
netted). RBI operates NEFT in hourly batches
(RBI can change the timing of settlement of batches with prior
intimation to banks) for example there are eleven
settlements from 9 am to 7 pm on week days and five settlements
from 9 am to 1 pm on Saturdays under NEFT. Any
transaction initiated after a designated settlement time would
have to wait till the next designated settlement time. On
the other hand in RTGS, transactions are processed
continuously throughout the RTGS business hours.
What is the minimum amount that can be
transferred through RTGS ? Is there any upper limit for
transfer of funds under RTGS?
Under RTGS, the minimum
amount that can be remitted is Rs 2 lakh because RTGS is meant
only for high value transactions. However, there is
no maximum limit or upper limit for transfer of funds through
How much time it takes to transfer the
funds through RTGS ? I do not see that tranfer takes place
on real time basis ?
terms of the procedure as laid down by RBI, the
beneficiary branches are expected to receive the funds on real
time basis i.e. as soon as funds are transferred by the
remitting bank. However, there are delays due to
processing at the remitting and receiving bank. RBI
has allowed the beneficiary banks to credit the beneficiary's
account within two hours of receiving the funds transfer
message. Thus, we do not see the transfers on real
time basis and there are some delays. It is hoped
that slowly this time will get reduced as more and bank and
branches improve their internal transfer systems.
What are timings
for remitting of funds through RTGS ?
keeps its RTGS service window for customer's transactions
from 9.00 hours to 16.30 hours on week days and from 9.00 hours
to 13.30 hours on Saturdays for settlement at the RBI end.
(RBI can changes these business hours after giving due notice to
Banks). However, the actual timings that banks follow vary
depending on the customer timings of the bank branches and
cushion kept by branches for sending the message to RBI.
Where can I fund
The easiest way
to find IFSC code is to ask the beneficiary to give you the same
as now a days all cheque books also have IFSC code printed on
every cheque. The person / organisation to whom you
wish to send the money, can find out the same by merely going
through the cheque leaf available with them. It is also
available on RBI website
What are the
charges for remitting the funds through RTGS ?
Each bank can
decide the remitting charges for RTGS but these have to be
within the following range prescribed by RBI :
a) For Inward
transactions – No charge (Free)
b) Outward transactions –
(i) Rs. 2 lakh to Rs. 5 lakh -
not exceeding Rs. 30 per transaction.
(ii) Above Rs. 5 lakh - not exceeding
Rs. 55 per transaction
Whom Should We
contact if our amount is not credited or there is a delay in
credit of the funds ?
You should first
contact your bank branch and lodge a complaint, but if the same
is not resolved, you can also lodge a complaint at the following
address of RBI :-
The Chief General Manager,
Reserve Bank of India,
Customer Service Department,
1st Floor, Amar Building, Fort,
Mumbai – 400 001
or can send an email to