What is NEFT?
National Electronic Funds Transfer (NEFT) is the digital system of the fund transfer, the complete system is managed and controlled by the apex bank of India that is Reserve Bank of India (RBI). The process of NEFT was started in the year 2005 (November). At present NEFT facility is available in approx. More than 101 banks all over India. The process of the NEFT is easy and time-saving. Any Individual, corporates, firm having an account in the bank having the facility of NEFT can easily transfer the funds to the beneficiary.
NEFT Transfer Time?
The service for the National Electronic Funds Transfer (NEFT) is now available for 24*7. That means the account holder who is having the NEFT facility can transfer the funds any time any day of the week, including bank holidays. Earlier, the NEFT facility is available for the customers from 8:00 AM to 7:00 PM only on working days except on 2nd and 4th Saturday. From 16 December 2019, the Reserve Bank of India has issued the guidelines to provide the service of NEFT 24*7. Through this process, the receiver will get the money within two (02) hours (subject to cut-off timings and batches).
Fee & charges for NEFT Transfer
|< 10,000||Rs 2.50 + Applicable GST|
|10,000 to 1 Lac||Rs 5 + Applicable GST|
|1 Lac to 2 Lac||Rs 15 + Applicable GST|
|2 Lac to 5 Lac||Rs 25 + Applicable GST|
|5 Lac to 10 Lac||Rs 50 + Applicable GST|
Requirements for NEFT
- Valid Net banking account
- Good Internet connection
Process For National Electronics Fund Transfer (NEFT)
- Firstly, login to your net banking account
- Now you have to add the beneficiary as a payee, enter the required details as shown below-
- Account Number
- IFSC Code
- Account Type
- Now you are required to select the NEFT from the fund transfer section.
- In case you have more than one account, then select the appropriate account from which you want to make payment.
- Enter the amount you want to transfer.
- Finally, press the submit button.
What is RTGS?
The Real-Time Gross Settlement well known for the RTGS. It is the process of money transfer quickly on the ‘real-time’ basis that is quick without any delays. The funds transferred will be credited to the payee immediately within 30 minutes. RTGS requires larger value transactions to perform the transaction through RTGS; the minimum amount should be Rs.2 lakh. One can schedule the transactions in advance for the RTGS transaction.
Timings for RTGS
|On Working Days||7.00 a.m. to 6.00 p.m.|
|On Saturdays||9.00 a.m. to 2.00 p.m.|
Fee & charges for RTGS Transfer
|Amount||RTGS Fee||Time-Varying Charge per Outward Transaction|
|Rs.2 lakh to Rs.5 lakh||Rs.30 per transaction||7:00 a.m. – 11:00 a.m. – Nil 11:00 a.m. – 1:00 p.m. – Rs.2 1:00 p.m. – 6:00 p.m. – Rs.5 Post 6:00 p.m. – Rs.10|
|Above Rs.5 lakh||Rs.55 per transaction|
Features of RTGS Transaction
- Safe and secure procedure
- Realtime online fund transfer
- Easy transaction
- Immediate transfer
- Funds credited on a one-on-one basis
Steps For RTGS Fund Transfer
- Firstly, log in to internet banking account with the help of username and password
- Now go to the Funds Transfer option
- After that, press the RTGS options.
- Add the beneficiary/payee details like account number, IFSC code, etc
- Go through the filled derails and press the submit button.
- The funds will be transferred immediately within a 30-minute time frame
List Of RTGS/RTGS Banks (Timings, Charges)
There are many banks which provided NEFT and RTGS services like Canara bank, syndicate bank, Dena bank, Vijaya bank, corporation bank ,standard chartered bank, union bank ,IOB, IndusInd bank ,Karnataka bank ,federal bank, IndusInd bank, syndicate bank, axis bank, UCO bank, central bank of India and many others. You can check the complete list of banks by pressing the below provided links.