Technology Products



Q1. What is Inter Bank Transfer?

Ans : Inter Bank 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.

Q2. What is RTGS- Real Time Gross Settlement?

Ans: 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.


Q3. What is NEFT- National Electronic Fund Transfer?

Ans: This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches. Presently,NEFT operates in 48 Half hourly batches on 24X7 Basis WITHOUT HOLIDAYS for ONLINE BANKING AND 08:00AM TO 19:00 FOR BRANCHES ON WORKING DAYS.


Q4. How RTGS is different from National Electronics Funds Transfer System (NEFT)?

Ans :NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. For example, currently, NEFT operates in half hourly batches - there are forty eight settlements on 24X7 Basis WITHOUT HOLIDAYS HOLIDAYS for ONLINE BANKING AND 08:00AM TO 19:00 FOR BRANCHES ON WORKING DAYS.

Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours .Any RTGS Transaction done after business hours will be rejected at RBI on the same day. 


Q5. Is there any minimum / maximum amount stipulation for RTGS and NEFT transactions?

Ans: The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 lakh. There is no upper ceiling for RTGS transactions. For NEFT transaction there is no lower and upper value limit.

Q6. What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be effected?

Ans: The remitting customer has to furnish the following information to a bank for effecting a NEFT and RTGS remittance:

1. Amount to be remitted

2. Remitting customer's account number which is to be debited

3. Name and IFS Code of the beneficiary bank

4. Name of the beneficiary customer

5. Account number of the beneficiary customer

6. Sender to receiver information, if any

7. Mobile number / email id (for NEFT to receive credit confirmation)

Q7. At what time during the day/week the RTGS & NEFT services are available for customers?

Ans: a) RTGS transactions are settled at RBI as per the following schedule:


Start Time

End Time

All Working Days

7:00 hrs

18:00 hrs

Credit sent after the working hours will be rejected at RBI on the same day.

b) NEFT transactions are sent to RBI as per the following schedule:


 08:00AM TO 19:00


All Working Days



Q8. What is the time taken for effecting funds transfer from one account to another under RTGS?

Ans: Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary banks should credit the account of the beneficiary within 30 minutes of the receipt of the message at the Member Interface.


Q9. Would the remitting customer receive an acknowledgement of money credited to the beneficiary's account?

Ans: The remitting bank receives a message from the Reserve Bank that money has been credited to the receiving bank. Based on this the remitting bank can advise the remitting customer that money has been delivered to the receiving bank. On receipt of NEFT acknowledgement from beneficiary bank , SMS /Email is being sent inform the remitting customer that NEFT Credit has been delivered to the receiving .

Q10. Would the remitting customer get back the money if it is not credited to the beneficiary's account? When?

Ans: Yes. It is expected that the receiving bank will credit the account of the beneficiary instantly. In case, it is not possible to credit the funds to the beneficiary's account for any reason e.g. account does not exist, account frozen, etc., funds will be returned to the originating member within one hour of the receipt of the payment at the Member Interface of the recipient member or before the end of the RTGS Business day, whichever is earlier.


Q11. What about Processing Charges / Service Charges for RTGS transactions?

Ans: With a view to rationalize the service charges levied by banks for offering funds transfer through RTGS system, a broad framework has been mandated as under:

I) Inward transactions - Free, no charge to be levied.

II) Collection of RTGS service charges as per RBI guidelines W.E.F 01.07.2019.

Amount of RTGS Transaction

Services Charges ( Exclusive of GST )

Rs.2 lakhs & up to Rs. 5 lakhs

Rs. 24.50

Above Rs. 5 lakhs

Rs. 49.50

Applicable GST will be collected.


Q12. What about Processing Charges / Service Charges for NEFT transactions?

Ans: i) Inward transactions - Free, no charge to be levied.

ii) Service charges for the following services have been revised with effect from 01.07.2019.

Sl No

Transaction Amount

Service Charges

(Exclusive of GST)


Up to Rs. 10,000/-

Rs. 2.25


Rs. 10001/- to Rs. 1 lakh

Rs. 4.75


Above Rs. 1 lakh & Up to Rs. 2 lakhs

Rs. 14.75


Above Rs. 2 lakhs

Rs. 24.75

Applicable GST will be collected.

Bank has Waived NEFT charges for Saving Bank Account holders for transactions which  are intiated online (viz. internet bank and/or appsof the banks) wef 01.01.2020



Q13. How would one know the IFSC code of the receiving / beneficiary branch?

Ans : The remitting customer can obtain the IFS of receiving branch from his bank branch. The IFSC code is also available on the RBI website in the following Link:



Q14. Do all bank branches in India provide RTGS service?

Ans:. No. All the bank branches in India are not RTGS enabled.

Q15. Whom do I can contact, in case of non-credit or delay in credit to the beneficiary account?

Ans: you can contact our branch and NEFT customer facilitations Centre:


4th Floor,Canara Building,

Adi Marzban Road,Ballard Estate,

Mumbai- 400 038

Tel: 022-22690581 /022-22691157


Email :