Documente Academic
Documente Profesional
Documente Cultură
PANKAJ KUMAR
AICAR BUSINESS SCHOOL
EMAIL ID : pankajku2020@gmail.com
WHAT IS INTER BANK TRANSFER?
Inter Bank Transfer is a special service that allows you to transfer funds electronically
to accounts in other banks in India through:
o 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.
o 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. 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.
HOW RTGS IS DIFFERENT FROM NEFT?
NEFT RTGS
NEFT
Day Start Time End Time
Monday to Friday 8:00 hrs 16:00 hrs
Step 3 : Prepares EFT data file and transmit the same to the local RBI for settlement
Step 4 : RBI at remitting centre consolidates the files received from all banks, sort
them city wise and prepares vouchers for debiting the remitting bank on Day-
1 itself
Step 5 : RBI at the destination centre receives the files from the originating centres,
consolidates them and sorts them bank-wise. Thereafter, bank-wise
remittance data files are transmitted to banks on Day 1 itself. Bank-wise
vouchers are prepared for crediting the receiving banks’ accounts the same
day or next day
Step 6 : On Day 1/2 morning the receiving banks at the destination centres process
the remittance files transmitted by RBI and forward credit reports to the
destination branches for crediting the beneficiaries’ accounts.
PROCESSING CHARGES/SERVICE CHARGES
While RBI has waived its processing charges for all electronic payment
products till March 31, 2008, levy of service charges by banks is left to the
discretion of the respective banks.
o Once the funds are credited to the account of the beneficiary bank,
the remitting customer gets a confirmation from his bank either by an
e-mail or by a short message on the mobile.
WHOM DO I CAN CONTACT IN CASE OF NON CREDIT OR DELAY IN CREDIT TO ACCOUNT
Contact your bank / branch. If the issue is not resolved satisfactorily, the
Customer Service Department of RBI may be contacted at :–