RTGS facility is offered by the Bank to its customers.

The “RTGS” stands for Real Time Gross Settlement RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another. This is the fastest possible money transfer system through the banking channel. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions. RTGS eliminates settlement risk.

The remitting customer has to furnish the following information to a bank for affecting a RTGS remittance:
  • Amount to be remitted
  • His 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

Charges for RTGS:

Amount( Rs. ) Revised Charges
RTGS Rs 2 lakhs to Rs 5 lakhs RTGS Rs 25.00 per transaction
Above Rs 5 lakhs Rs 50.00 per transaction

National Electronic Fund Transfer (NEFT)

NEFT is an electronic payment system to transfer funds from one part of country to other part of country. NEFT is efficient, secured, economical and reliable system of fund transfer. It allows the beneficiary to get credit on the same day or the next day depending upon the time. NEFT transactions are settled in 11 branches. It is a nation wide fund transfer system for transactions of any amount in which more than 70000 branches of 106 Banks are participating.

Information Required for transfer of funds

  • Name of the beneficiary
  • Account Number of the beneficiary
  • Amount to be remitted
  • Name of the beneficiary bank, branch and it’s IFSC
  • Sender to receiver information, if any

Charges for NEFT 

Amount (Rs.) Revised Charges
Upto Rs 10000 Rs 2.50 per transaction
Rs. 10000 to Rs 1 lakh Rs 5.00 per transaction
Above Rs 1 lakh to Rs 2 lakhs Rs 15.00 per transaction>
Above Rs 2 lakhs Rs 25.00 per transaction

Note: NEFT systems work on all days except on Sunday and national holidays across the states.

National Co-operative Bank