(FAQ) RTGS/ NEFT

1. What is Inter Bank Transfer?

1. Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

FAQ's for 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. This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, , NEFT operates in hourly batches from 8 am to 7 pm on week days and 8 am to 1 pm on Saturdays.

RTGS: The acronym RTGS stands for 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). 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 Lakh

No Limit

NEFT

No Limit

No Limit

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 beneficiarys account within 30 minutes 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 five 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 1 pm 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 beneficiarys bank is unable to credit the beneficiarys account for any reason, the former will return the money to the remitting bank within 1 hour. Once the amount is received by the remitting bank, it is credited to the remitters 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 money cannot be credited for any reason, the beneficiarys bank has to return the money within next two batches i.e (B+2) to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank.

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

RTGS transactions will be sent to RBI based on the following schedule:

RBI settlement Timings for transactions (other than Inter Bank transactions)
Day Start Time End Time

Monday to Friday

08:00 hrs

16:30 hrs

Saturday

08:00 hrs

02:00 hrs

NEFT transactions will be sent to RBI based on the following schedule:

RBI settlement Timings
Day Start Time End Time

Monday to Friday

08:00 hrs

19:00 hrs

Saturday

08:00 hrs

01:00 hrs

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

  • Settlements on weekdays at hourly intervals from 08:00 hrs to 19:00 hrs.

  • Settlements on Saturdays at hourly intervals from 08:00 hrs to 01:00 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?

The Remitter has to provide the following details:

  • Amount to be remitted

  • Account no. to be credited

  • Name of the beneficiary bank

  • Name of the beneficiary customer

  • Sender to receiver information, if any

  • IFSC code of the receiving branch.

  • Mobile number of the remitter.

The amount will be credited to the account basing on the account number only. As such remitter has should be cautious on the account number while transferring the amounts in electronic mode.

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

Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.

10. What are the service charges applicable for RTGS/NEFT transactions?
(a) RTGS TIME VARYING CHARGES (R-41)
Block Time varying Tariff payable to RBI based on time of settlement at Reserve Bank of India Total Charges per Transaction
(for Outward Transactions)
From To Transaction Slab

1.

08:00 hours

12:00 hours

Rs 2.00 lakhs to Rs 5.00 Lakhs

Rs. 25/- + ST

Above Rs 5.00 lakhs

Rs. 50/- + ST

2.

After 12:00 hours

15:30 hours

Rs 2.00 lakhs to Rs 5.00 Lakhs

Rs. 25/- + ST

Above Rs 5.00 lakhs

Rs .50/- + ST

3.

After 15:30 hours to 16:30 hours For Inter Bank- 15:30 hours to 19:45 hours

Rs 2.00 lakhs to Rs 5.00 Lakhs

Rs. 25/- + ST

Above Rs 5.00 lakhs

Rs .50/- + ST

(b) NEFT CHARGES
Charges per Transaction for Outward Transactions

Upto Rs 10,000

Rs. 2.50/- + ST

Above Rs 10,000 Up to Rs 1.00 lakh

Rs. 5/- + ST

Above Rs 1.00 lakhs upto Rs 2.00 lakhs

Rs. 15/- + ST

Above Rs 2.00 lakhs

Rs. 25/- + ST

Note :

  • In Case of NEFT/RTGS charges, no additonal charges such as Courier charges , out of pocket expenses etc. , need to be levied from the customers.
  • The charges are applicable only to transactions originated and payable within India.
11. 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. The Customer Facilitation Service details for NEFT can be downloaded from here.

Customer Facilitation contact details for RTGS/NEFT
STATE BANK OF INDIA PHONE/FAX E-MAIL

Asst. General Manager
Payment Systems Group
1st Floor, Plot No. 8,9 &10
State Bank of India
Sector-11,
CBD Belapur
Navi Mumbai – 400 614

Tel:
NEFT
022-27573270/ 27573506/
27560743

RTGS :
022-27560746/27578057

Fax-022-27561664

 

neft@sbi.co.in

 

 

 

 

 

 

sbirtgs@sbi.co.in