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What is Inter Bank Transfer?

April 26, 2017Bank inter transfer

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What is Inter Bank Transfer?

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• 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. • What is the minimum / maximum amount for RTGS /NEFT transactions under Retail Internet Banking? Type Minimum Maximum RTGS Rs. 1 Lakh Rs. 1 Lakh NEFT No Limit Rs. 1 Lakh • What is the minimum / maximum amount for RTGS /NEFT transactions under Corporate Internet Banking? Type Minimum Maximum RTGS Rs. 1 Lakh No Limit NEFT No Limit No Limit • When does the beneficiary get the credit for a RTGS payment? Unde