RTGS / NEFT - FAQ  

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.

RTGS - The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.

 

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

Minimum / Maximum amount for RTGS / NEFT transactions under Retail Internet Banking
Type Minimum Maximum
RTGS Rs. 2 Lakhs Rs. 5 Lakhs
NEFT No Limit Rs. 5 Lakhs

3. What is the minimum / maximum amount for RTGS /NEFT transactions under Corporate Internet Banking?

Minimum / Maximum amount for RTGS / NEFT transactions under Retail Internet Banking
Type Minimum Maximum
RTGS Rs.2 Lakhs Rs.50 lakhs for Vyapaar and Rs.500 crores for Vistaar
NEFT No Minimum Rs.50 lakhs for Vyapaar and Rs.500 crores for Vistaar

4. 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.

5. When does the beneficiary get the credit for a NEFT payment?

As stated above, 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.

 

6. If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

7. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

8. 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:
Day Start Time End Time
Monday to working Saturday 8:00 hrs 16:00 hrs
NEFT transactions will be sent to RBI based on the following schedule:
Day Start Time End Time
Monday to working Saturday 7:00 hrs 18:30 hrs
 

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

  • 12 settlements on weekdays - at 08:00, 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.
  • 6 settlements on Saturdays - at 08:00, 09:00, 10:00, 11:00, 12:00 and 13:00 hrs.

Please note that all the above timings are based on Indian Standard Time (IST) only.

 

9. 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 number which is to be debited.
  • Name of the beneficiary bank.
  • Name of the beneficiary.
  • Account number of the beneficiary.
  • Remarks or description, if any.
  • The IFSC code of the beneficiary branch.
 

10. 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.

11. Do all bank branches in India provide RTGS & NEFT service?

No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.

12. How do I go about using this service?

  • You should be an active Internet Banking user with transaction rights.
  • Log on to https://www.sbbjonline.com by using your SBBJ Internet Banking ID and Password....
 
  • Click on the 'Manage Interbank Payee' link in the 'Profile' tab.
  • Select the 'Add' option and provide the Beneficiary Name, Beneficiary Account Number, Beneficiary Bank and transfer limit to register the Beneficiary.
  • IFSC code of the Beneficiary’s bank can be keyed in by two ways:
    • Click the IFSC Code option and a textbox is displayed where you can enter the 11 digit IFSC Code of the Beneficiary Bank.
    • Click the Location option, the following are retrieved and displayed.
  • Beneficiary Bank Name – Dropdown Menu
  • Location - Dropdown Menu
  • Branch - Dropdown Menu
  • The confirm button will be enabled only after clicking the accept button in the terms and conditions window.
  • After providing all the details, the beneficiary will be added. It will be shown whether the added beneficiary bank is RTGS or NEFT enabled.
  • After adding the Beneficiary you will receive a high security password in your mobile number. This is done basically to double check your identity. Provide the password to authorize the Beneficiary. After a Beneficiary is authorized you can start transferring funds.
  • You can proceed to make payments by clicking the ‘Inter bank Transfer’ link in the ‘Payments/Transfers’ tab.
  • According to the transaction type selected (RTGS/NEFT), the credit account details will be displayed depending on whether the branch is RTGS or NEFT enabled or both.
  • Select the Beneficiary from the list of registered Beneficiaries.
  • You can either confirm or cancel the transaction.
 

13. What are the service charges applicable for RTGS/NEFT transactions?

  • Charges for RTGS / NEFT are as listed in the following table:...
 
RTGS Time slot of settlement Service charges to be recovered from customers inclusive of time varying charges and service tax for RTGS transactions
  Upto Rs.5.00 lakhs Above Rs.5.00 lakhs
  Existing Proposed Existing Proposed
1 From 09.00 hrs to 12.00 hrs Rs.28/- Rs.28/- Rs.56/- Rs.56/-
2 After 12.00 hrs to 15.30 hrs Rs.28/- Rs.29/- Rs.56/- Rs.57/-
3 After 15.30 hrs to 17.30 hrs Rs.28/- Rs.33/- Rs.56/- Rs.61/-
NEFT
Amount Revised Service charges
Upto Rs. 1 Lakh Nil
Rs. 1 Lakh to Rs. 2 Lakhs Rs. 17/-
Above Rs.2 Lakhs Rs. 28/-
 

14. 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