Online money transfer of any amount becomes easier, no need to visit any branch. RTGS (Real Time Gross Settlement) and NEFT (National Electronics Funds Transfer) are electronic payment platforms of Reserve Bank of India which provide online transaction between two banks. No need to use cheques or wait for clearing. RTGS / NEFT provide paperless money transfer from one account to another in a matter of minutes / hours.


Transfer - any amount of Rs. 2,00,000 and above with no floor or cap value for customer transactions, which are sent to the RTGS System for settlement whereas there is no restriction for NEFT Transactions.

As per RBI guidelines, RTGS/NEFT Transactions will be credited to Beneficiary Account on the basis of Beneficiary Account Number only. Therefore, Originator of transaction will have to mention correct Beneficiary Account Number over RTGS/NEFT Form.

The remitting customer has to furnish the following information to a bank for effecting a RTGS / NEFT remittance:
  • Amount to be remitted
  • Account number which is to be debited
  • Name of the beneficiary bank
  • Name of the beneficiary customer
  • Account number of the beneficiary customer
  • Sender to receiver information, if any
  • The IFSC code of the receiving branch
Additionally, Loan Accountholder could also transfer installment from any other Bank to his/her Loan Account through RTGS/NEFT using 15-Digit Account Number. The amount would be directly credited to Loan Account. For knowing 15-Digit Account Number, please contact your branch. IFS Code (IFSC); Different from MICR code:-
  • Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India.
  • This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.


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