Inter Bank Transfer

Wire transfer or credit transfer is a method of Electronic funds transfer from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Wire transfer systems are intended to provide more individualized transactions than bulk payment systems such as ACH and Check21.

Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

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.

RTGS: Minimum: Rs. 1 Lakh Maximum: Rs. 5 Lakh

NEFT: Minimum: No Limit Maximum: Rs. 5 Lakh

Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.

The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.

R TGS transactions will be sent to RBI based on the following schedule:

Monday to Friday 9:00 hrs 16:00 hrs

Saturday 9:00 hrs 12:00 hrs

NEFT transactions will be sent to RBI based on the following schedule:

Monday to Friday 8:00 hrs 16:00 hrs

Saturday 8:00 hrs 11:30 hrs

NEFT transactions are settled in batches based on the following timings:

6 settlements on weekdays - at 09:00, 11:00, 12:00, 13:00, 15:00 and 17:00 hrs.

3 settlements on Saturdays - at 09:00, 11:00 and 12:00 hrs.

Please note that all the above timings are based on Indian Standard Time (IST) only.

The Remitter has to provide the following details:

Amount to be remitted.

Account number which is to be debited.

Name of the beneficiary bank.

Name of the beneficiary.

Account number of the beneficiary.

Remarks or description, if any.

The IFSC code of the beneficiary branch.

 

[Dhruv Bindhani]

Wire transfer or credit transfer is a method of Electronic funds transfer from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Wire transfer systems are intended to provide more individualized transactions than bulk payment systems such as ACH and Check21.

Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

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.

RTGS: Minimum: Rs. 1 Lakh Maximum: Rs. 5 Lakh

NEFT: Minimum: No Limit Maximum: Rs. 5 Lakh

Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.

The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.

R TGS transactions will be sent to RBI based on the following schedule:

Monday to Friday 9:00 hrs 16:00 hrs

Saturday 9:00 hrs 12:00 hrs

NEFT transactions will be sent to RBI based on the following schedule:

Monday to Friday 8:00 hrs 16:00 hrs

Saturday 8:00 hrs 11:30 hrs

NEFT transactions are settled in batches based on the following timings:

6 settlements on weekdays - at 09:00, 11:00, 12:00, 13:00, 15:00 and 17:00 hrs.

3 settlements on Saturdays - at 09:00, 11:00 and 12:00 hrs.

Please note that all the above timings are based on Indian Standard Time (IST) only.

The Remitter has to provide the following details:

Amount to be remitted.

Account number which is to be debited.

Name of the beneficiary bank.

Name of the beneficiary.

Account number of the beneficiary.

Remarks or description, if any.

The IFSC code of the beneficiary branch.

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