Online Fund Transfer

What is RTGS?

RTGS is an abbreviation for "Real Time Gross Settlement". RTGS can be defined as specialist funds transfer system to transfer the money from one bank to another on continuous (real-time) and gross settlement basis. It allows the individuals as well as the companies and the firms to transfer funds from one bank to another bank within the country.

'Real Time' means that the process of instructions is executed at the same time as soon as it is received rather than at some later time.

"Gross Settlement" means that the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).

For RTGS transaction, you need to fill up a form providing your or the beneficiary’s details such as name, bank, branch, IFSC Code, a unique code for identifying the branch and the account number with account type. You have to attach a cheque while opting for this facility.

For RTGS transaction, you need to fill up a form providing your or the beneficiary’s details such as name, bank, branch, IFSC Code, a unique code for identifying the branch and the account number with account type. You have to attach a cheque while opting for this facility.

Highlights

  1. Minimum amount– Rs 2,00,000
  2. Maximum amount – No limit, however, banks may restrict the amount you can transfer in one day.
  3. Transaction charges – Not more than Rs 30/- per transaction for Rs 2 to 5 lakh and not more than Rs 55/- for anything above Rs 5 lakh.
  4. Time limit – The transactions are processed on order basis in real time. This service is available from 8 A.M. to 4.30 P.M. on the weekdays (Monday – Friday) and also on working Saturdays i.e. Saturdays other than 2nd & 4th Saturdays.
  5. The transfer is instant but the bank is allowed to take up to 2 hours for crediting the amount to the depositor account.

What is NEFT?

NEFT is an abbreviation for "National Electronic Funds Transfer”. The NEFT is a nation wide payment system facilitating one-to-one funds transfer. It operates on a deferred net settlement (DNS) basis and settles transactions in batches. The settlement takes place with all the transactions received before a certain cut-off time. NEFT is not available on the bank holidays, RBI holiday and Sunday.

Highlights

  1. Minimum amount – Rs. 1
  2. Maximum amount – No limit, but generally RTGS is used for transfer of Rs 2,00,000
  3. Transaction charges - Not more than Rs 2.5/- plus service tax for any transfer up to Rs 10000, not more than Rs 5/- plus service tax between Rs 10000 and Rs 1 lakh, not more than Rs 15/- plus service tax between Rs 1 lakh and Rs 2 lakh and not more than Rs 25/- plus service tax for those above Rs 2 lakh.
  4. Time limit – The transactions are processed in hourly batches. There are 12 settlements from 8 A.M. to 7 P.M. on the weekdays (Monday – Friday) and also on working Saturdays i.e. Saturdays other than 2nd & 4th Saturdays.

What is IMPS?

IMPS is an abbreviation for "Immediate Payment Service". It is an instant interbank electronic fund transfer service that helps you access your bank account and transfer funds immediately and securely. It can be done through various channels such as ATM, Mobile Phones, Internet Banking, etc. The transferred money is credited to the beneficiary account instantly. This is facility was introduced in 2010 by National Payments Corporation of India (NPCI).

Through this service, one can transfer or receive money even on Sundays and bank holidays. This service is available 24x7, throughout the year.

There are some limitations, while using IMPS for fund transfer, which are listed below:

  1. Only one beneficiary (receiver) can be added and approved in a single calendar day which will be activated by the internet banking system within 4 hours, if the remitter (sender) approves between 6 AM and 8 PM.
  2. Funds can only be transferred to the new beneficiary after its activation.
  3. Maximum Rs. 10000/- can be transferred on the first day of activation. It is decided by the bank and varies from bank to bank.
  4. The period of first few days (may vary from bank to bank) after activation is called :cooling period".
  5. A fixed sum of (for example Rs. 50,000/- (maximum)) can be transferred to the new beneficiary during this cooling period. The amount of this fixed sum is decided by the bank and varies from bank to bank.
  6. A fixed sum (for example maximum Rs. 50,000/-) can be transferred to the new beneficiary every day once cooling period gets over.

Following particulars of the beneficiary (receiver) are required to send the money through IMPS

  • If the customer (sender) is using option "IMPS using Account number and IFSC"
    1. Account number and IFSC of the beneficiary (receiver)
    2. The beneficiary needs to be added in NetBanking in order to transfer the money
  • If the customer (sender) is using option "IMPS using Mobile Number and MMID"
    1. The mobile number and unique 7 digit Mobile Money Identification Number (MMID) of the beneficiary (receiver). It is also mandatory
    2. that the beneficiary has got his mobile number registered with his respective bank in which his account is hosted

List of IMPS Member Banks:

Bank NameUsing Mobile No. & MMIDUsing Account No. & IFS CodeUsing AadharMerchant PaymentActive Channels
Allahabad BankYesYesMobile/Internet/Branch
Andhra BankYesYesYesMobile/ ATM/Branch/Internet
Axis BankYesYesYesYesMobile/Internet
Bank Of BarodaYesYesYesYesMobile/Internet/Branch
Bank Of IndiaYesYesMobile/Internet/Branch
Bank Of MaharashtraYesYesMobile/Internet
Bnp ParibasYesYesYesMobile
Canara BankYesYesYesYesMobile/ATM/Internet
Catholic Syrian BankYesYesYesYesMobile/Internet
Central Bank Of IndiaYesYesMobile/Internet/Branch
CitibankYesYesYesMobile/ATM/Internet
Corporation BankYesYesYesMobile/Internet/Branch
Dena BankYesYesMobile
DbsYesYesYesMobile
DcbYesYesMobile/Internet/Branch
Dhanalakshmi BankYesYesMobile
Federal BankYesYesYesMobile/ Internet
Hdfc BankYesYesMobile/ Internet
HsbcYesYesYesMobile/Internet
Icici BankYesYesYesMobile/Internet
Idbi BankYesYesMobile/Internet
Indian BankYesYesMobile/ Internet
Indian Overseas BankYesYesYesYesMobile/ Internet
Indusind BankYesYesYesMobile/ATM/Internet/Branch
Jammu And Kashmir BankYesYesYesMobile
Karnataka BankYesYesMobile/Branch/Internet
Karur Vysya BankYesYesYesMobile/ Internet
Kotak Mahindra BankYesYesYesYesMobile/ Internet/ATM
Lakshmi Vilas BankYesYesMobile/ ATM
Oriental Bank Of CommerceYesYesYesYesMobile/Internet/Branch/ATM
Punjab And Sind BankYesYesMobile
Punjab National BankYesYesYesMobile/ATM/Internet/Branch
Ratnakar BankYesInternet
South Indian BankYesYesYesMobile/Internet
Standard Chartered BankYesYesMobile/Internet
State Bank Of Bikaner And JaipurYesYesYesMobile/ Internet
State Bank Of HyderabadYesYesYesMobile/ Internet
State Bank Of IndiaYesYesYesMobile/Internet
State Bank Of MysoreYesYesYesMobile/ Internet
State Bank Of PatialaYesYesYesMobile/ Internet
State Bank Of TravancoreYesYesYesMobile/ Internet
Syndicate BankYesYesYesMobile/ Internet/ Branch
Tamilnad Mercantile BankYesYesYesYesMobile/ATM
Uco BankYesYesYesYesMobile/Internet
Union Bank Of IndiaYesYesYesYesMobile/ATM/Internet/Branch
United Bank Of IndiaYesYesYesMobile/ Internet/Branch
Vijaya BankYesYesYesYesMobile/ Internet/Branch
Yes Bank LtdYesYesYesMobile/ Internet
City Union BankYesMobile/ Internet
Bharatiya Mahila BankYesYesMobile/ Internet
Bandhan BankYesYesInternet/Branch
Idfc BankYesInternet
Barclays Bank PlcYesInternet
Pandharpur Merchant Co-operative BankYesYesNot Applicable (As Beneficiary)
Kashi Gomti Samyut Grameen BankYesNot Applicable (As Beneficiary)
Gayatri Co-operative Urban BankYesMobile
Maharashtra Grameen BankYesYesMobile/Branch
Suco Souhadra Sahakari BankYesYesMobile/Branch
The Surat District Co-op. Bank LtdYesYesNot Applicable (As Beneficiary)
Dr. Annasaheb Chougule Urban Co-op Bank LtdYesYesNot Applicable (As Beneficiary)
Bassein Catholic Co-op BankYesYesYesMobile
Thane Janata Sahakari BankYesYesYesMobile/Branch
The A.p Mahesh Urban Co-op BankYesYesYesMobile/Branch
The Greater Bombay Co-op BankYesYesYesMobile
Cosmos Co-operative BankYesYesYesYesMobile
Punjab And Maharashtra Co-op BankYesYesYesYesMobile
Nkgsb Co-operative BankYesYesMobile
Mehsana Urban Co-operative BankYesYesYesYesMobile/Branch/Internet
Kallappanna Awade Ichalkaranji Janata Sahakari BankYesMobile
Janaseva Sahakari BankYesYesYesMobile
Janata Sahakari Bank, PuneYesYesYesYesMobile/Branch
Dombivli Nagarik Sahakari BankYesYesYesMobile
Gopinath Patil Parsik Janata Sahakari BankYesYesYesMobile
Nainital BankYesYesMobile
Saraswat BankYesYesYesMobile
National Co Operative BankYesYesYesMobile
Pochampally Urban Co Operative BankYesYesBranch
The Kalupur Commercial Co-operative Bank LtdYesYesYesYesMobile
Shri Arihant Co-operative Bank LtdYesNot Applicable (As Beneficiary)
Apna Sahakari Bank LtdYesYesYesYesMobile/Branch
Pune Peoples Co-operative Bank LtdYesYesBranch
Shivalik Mercantile Co-op. Bank LtdYesNot Applicable (As Beneficiary)
Parshwanath Co-operative Bank LtdYesYesBranch
Thrissur District Co-operative BankYesYesNot Applicable (As Beneficiary)
Varachha Co-op Bank Ltd.YesYesNot Applicable (As Beneficiary)
Jalore Nagrik Sahakari Bank Ltd.YesYesNot Applicable (As Beneficiary)
Janata Co-operative Bank Ltd., MalegaonYesYesNot Applicable (As Beneficiary)
Shri Basaveshwar Sahakari Bank Niyamit, BagalkotYesYesNot Applicable (As Beneficiary)
Baroda Uttar Pradesh Grameen BankYesYesMobile
The Shirpur Peoples' Co-op Bank LtdYesYesYesMobile And WAP
Kerala Gramin BankYesYesYesMobile
Pragathi Krishna Gramin BankYesYesYesMobile
The Municipal Co-operative Bank Ltd.YesYesMobile
The Abhyudaya Co-operative Bank LtdYesYesMobile/Branch
The Gujarat State Co-op Bank Ltd.YesYesMobile/Branch
Yadagiri Lakshmi Narasimha Swamy Co Op Urban Bank LtdYesYesNot Applicable (As Beneficiary)
Hutatma Sahakari Bank Ltd.YesYesNot Applicable (As Beneficiary)
The Adarsh Urban Co-op. Bank Ltd., HyderabadYesYesBranch
The Hasti Co-op Bank Ltd.YesYesYesYesNot Applicable (As Beneficiary)
The Mayani Urban Co-operative Bank LtdYesYesNot Applicable (As Beneficiary)
The Pandharpur Urban Co-op Bank Ltd.YesYesNot Applicable (As Beneficiary)
Rajapur Urban Co-op Bank Ltd.YesYesNot Applicable (As Beneficiary)
Ahmedabad District Central Co-op Bank Ltd.YesYesMobile
Kalyan Janata Sahakari Bank Ltd.YesYesYesYesMobile/Branch
Rajgurunagar Sahakari Bank Ltd.YesYesMobile/Branch
Shri Veershaiv Co-op Bank Ltd.YesYesMobile/Branch
Vishweshwar Sahakari Bank Ltd.YesYesYesYesMobile
Baroda Rajasthan Kshetriya Gramin BankYesYesMobile
Raipur Urban Merchantile Co-operative Bank Ltd.YesYesBranch
Utkal Grameen BankYesYesMobile/Branch
Nutan Nagarik Sahakari Bank Ltd.YesYesMobile/Branch
Karnataka Vikas Grameena BankYesYesMobile
Andhra Pragathi Grameen BankYesYesMobile
Saurashtra Gramin Bank.YesYesNot Applicable (As Beneficiary)
Rajasthan Marudhara Gramin BankYesYesBranch
Purvanchal BankYesYesNot Applicable (As Beneficiary)
Lokmangal Co-op. Bank Ltd., SolapurYesYesSMS/Mobile
The Mahanagar Co.op. Bank Ltd.YesYesYesMobile
Dapoli Urban Co-operative Bank Ltd.YesNot Applicable (As Beneficiary)
Suvarnayug Sahakari Bank Ltd.YesYesBranch
The Sutex Co-operative Bank Ltd.YesYesNot Applicable (As Beneficiary)
Kaveri Grameen BankYesYesBranch
Baroda Gujarat Gramin BankYesMobile
The Chikhli Urban Co-op Bank Ltd.YesYesBranch
Andhra Pradesh Grameena Vikas BankYesYesBranch
Irinjalakuda Town Co-operative Bank Ltd.YesYesNot Applicable (As Beneficiary)
Thane Bharat Sahakari Bank Ltd.YesYesYesMobile
Pune Cantonment Sahakari Bank Ltd.YesYesNot Applicable (As Beneficiary)
Shivajirao Bhosale Sahakari Bank Ltd.YesYesNot Applicable (As Beneficiary)
Uttarakhand Gramin BankYesBranch
Maratha Co-operative Bank Ltd.YesYesBranch
The Baramati Sahakaribank MaryaditYesYesMobile
Prathama Gramin BankYesMobile
The Bharat Co-operative Bank (mumbai) Ltd.YesYesMobile
Sutlej Gramin BankYesYesBranch
Jammu & Kashmir Grameen BankYesSMS
Chhattisgarh Rajya Gramin BankYesBranch
Meghalaya Rural BankYesBranch
Vananchal Gramin BankYesBranch
Madhyanchal Gramin BankYesBranch
Telangana Grameena BankYesMobile
Odisha Gramya BankYesNot Applicable (As Beneficiary)
Shamrao Vithal Co-operative Bank Ltd.YesYesBranch
Langpi Dehangi Rural BankYesBranch
Arunachal Pradesh Rural BankYesBranch
Mizoram Rural BankYesBranch
The Jalgaon Peoples Co-op Bank LtdYesMobile
Ahmednagar Merchant's Co-op. Bank Ltd.YesYesBranch
Pavana Sahakari BankYesMobile
The Vasai Vikas Co-op Bank LtdYesYesBranch
Poornawadi Nagarik Sahakari Bank MaryaditYesYesNot Applicable (As Beneficiary)
The Malad Sahakari Bank LtdYesMobile
Shree Mahalaxmi Co-operative Bank Ltd.YesMobile

Upcoming Bank Holidays

2017 January 26 is a bank holiday in Andaman And Nicobar Island due to Republic Day.
2017 February 01 is a bank holiday in Andaman And Nicobar Island due to Saraswati Puja (Shree Panchami)/Basant Panchami.
2017 February 10 is a bank holiday in Chandigarh due to Guru Ravidas's Birthday.
2017 February 15 is a bank holiday in Manipur due to Lui Ngai-Niw.

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