Inter Bank Transfer
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Prepared by: PANKAJ KUMAR AICAR BUSINESS SCHOOL EMAIL ID : [email protected]
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 are electronic fund transfer In RTGS, transactions are modes that operate on a deferred processed continuously throughout net settlement (DNS) basis which the RTGS business hours. settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time.
RETAIL INTERNET BANKING Minimum
Maximum
RTGS
Rs. 1 Lakh
Rs. 1 Lakh
NEFT
No Limit
Rs. 1 Lakh
CORPORATE INTERNET BANKING Minimum
Maximum
RTGS
Rs. 1 Lakh
No Limit
NEFT
No Limit
No Limit
INTERNET BANKING HOURS RTGS Day
Start Time
End Time
Monday to Friday
9:00 hrs
16:00 hrs
Saturday
9:00 hrs
12:00 hrs
NEFT Day
Start Time
End Time
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.
MANDATORY INFORMATION The Remitter has to provide the following details: o Amount to be remitted o
Account number which is to be debited
o
Name of the beneficiary bank
o
Name of the beneficiary
o
Account number of the beneficiary
o
Remarks or description, if any
o
The IFSC code of the beneficiary branch
RBI EFT SYSTEM Step 1 : Filling EFT Application Step 2 : Preparing Schedule & send application to service branch 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 Day1 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.
NEFT
RTGS
Amount
Service Charge
Upto Rs. 1 Lakh
Rs. 5
Rs. 1 Lakh & above
Rs. 25
Upto Rs. 5 Lakh
Rs. 25
Rs. 5 Lakh & above
Rs. 50
TRACKING OF TRANSACTIONS o It would depend on the arrangement between the remitting customer and the remitting bank. o Some banks with internet banking facility provide this service.
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 :–
The Chief General Manager, Reserve Bank of India, Customer Service Department, 1st Floor, Amar Building, Fort, Mumbai-400001
VOLUME AND VALUE OF TRANSACTIONS On a typical day, RTGS handles about 14000 transactions a day for an approximate value of Rs.1,50,000 crore. Source : RBI
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 are electronic fund transfer In RTGS, transactions are modes that operate on a deferred processed continuously throughout net settlement (DNS) basis which the RTGS business hours. settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time.
RETAIL INTERNET BANKING Minimum
Maximum
RTGS
Rs. 1 Lakh
Rs. 1 Lakh
NEFT
No Limit
Rs. 1 Lakh
CORPORATE INTERNET BANKING Minimum
Maximum
RTGS
Rs. 1 Lakh
No Limit
NEFT
No Limit
No Limit
INTERNET BANKING HOURS RTGS Day
Start Time
End Time
Monday to Friday
9:00 hrs
16:00 hrs
Saturday
9:00 hrs
12:00 hrs
NEFT Day
Start Time
End Time
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.
MANDATORY INFORMATION The Remitter has to provide the following details: o Amount to be remitted o
Account number which is to be debited
o
Name of the beneficiary bank
o
Name of the beneficiary
o
Account number of the beneficiary
o
Remarks or description, if any
o
The IFSC code of the beneficiary branch
RBI EFT SYSTEM Step 1 : Filling EFT Application Step 2 : Preparing Schedule & send application to service branch 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 Day1 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.
NEFT
RTGS
Amount
Service Charge
Upto Rs. 1 Lakh
Rs. 5
Rs. 1 Lakh & above
Rs. 25
Upto Rs. 5 Lakh
Rs. 25
Rs. 5 Lakh & above
Rs. 50
TRACKING OF TRANSACTIONS o It would depend on the arrangement between the remitting customer and the remitting bank. o Some banks with internet banking facility provide this service.
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 :–
The Chief General Manager, Reserve Bank of India, Customer Service Department, 1st Floor, Amar Building, Fort, Mumbai-400001
VOLUME AND VALUE OF TRANSACTIONS On a typical day, RTGS handles about 14000 transactions a day for an approximate value of Rs.1,50,000 crore. Source : RBI
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