5 FAQs on RTGS & NEFT – You must Know

 4 FAQs on RTGS & NEFT – You must Know

  1. What are the processing charges for RTGS and NEFT transactions?

Processing charges for NEFT transactions

Transaction Amount Charges Per outward Transaction
Upto Rs. 10, 000 Rs. 2.50/- + Service Tax
Above Rs. 10, 000 up to Rs. 1.00 lakh Rs. 5/- + Service Tax
Above Rs. 1.00 lakhs up to Rs. 2.00 lakhs Rs. 15/- + Service Tax
Above Rs. 2.00 lakhs Rs. 25/- + Service Tax

 

Processing charges for RTGS transactions

From To Transaction Slab Charges per outward transaction
08:00 am 12:00 pm Rs. 2 lakhs to Rs. 5 lakhs Rs. 25/- + ST
08:00 am 12:00 pm Above Rs. 5.00 lakhs Rs. 50/- + ST
12:00 pm 03:30 pm Rs. 2 lakhs to Rs. 5 lakhs Rs. 25/- + ST
12:00 pm 03:30 pm Above Rs. 5.00 lakhs Rs. 50/- + ST
After 03:30 pm to 04:30 pm & for inter-Bank 03:30 pm to 07:45 pm

 

Rs. 2 lakhs to Rs. 5 lakhs Rs. 25/- + ST
Above Rs. 5.00 lakhs Rs. 50/- + ST

 

  1. What is the essential information required to make RTGS and NEFT transaction effective?

The remitter has to furnish following details to make the transactions effective:

  • Amount to be remitted
  • Account No. which to be credited.
  • Name of the beneficiary bank and branch.
  • Name of the beneficiary customer
  • Sender to receiver information, if any.
  • IFSC code of the receiving branch.
  • Mobile no. of the remitter.
  1. What are the benefits of using NEFT?

NEFT offers many advantages over the other modes of transactions as following:

  • The remitter need not to send the physical cheque or Demand Draft to the beneficiary.
  • The beneficiary does not need to visit his/her bank for depositing the paper instruments.
  • Cost effective.
  • Credit confirmation by email or SMS.
  • The transaction can initiate from home or work place, using the internet banking.
  • Nearer to real time transfer of funds to the beneficiary account in a secure manner.
  1. What are the other transactions that could be initiated using NEFT?

Apart from personal fund transfer, you can also make variety of transactions using NEFT system viz. payment of credit card dues to the card issuing banks, payment of loan EMI and utility bills etc.

      5. Do all the bank branches in India provide RTGS service?

No, not all the bank branches are enabled to provide RTGS service yet. Presently there are more than 100, 000 RTGS enabled bank branches.

You can find the list of such branches http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0815.xlsx.

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