A) Real Time Gross Settlement (RTGS) (IFSC Code : HDFC0CWUCBL)
RTGS is a fund transfer mechanism wherein transfer of money takes place from one bank to another instantly on a "real time" and "gross" basis.
- This is the fastest possible money remittance facility transacted through the banking channel. Settlement done in Real Time basis means the payment transaction is instant,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.
- As money transfer takes place in the books of the Reserve Bank of India, the payment is considered as final and irrevocable.
- RTGS system is primarily for large value transactions, minimum amount to be remitted is RS 2 Lac with no upper ceiling. Thus RTGS eliminates all kinds of settlement risk, fully safe..
Charges for RTGS: (Applicable WEF 01.01.2015)
| Value Band | Charges Per Transaction |
|---|---|
| RS 1 lac to 3 lac | RS 55.00 + Service tax |
| RS 3.1 lac to 10 lac | RS 56.00 + Service tax |
| RS. 10.1 lac and above | RS 112.00 + Service tax |
B) NEFT : National Electronic Fund Transfer
- NEFT is an electronic payment system to transfer funds from one account to another, between participant banks in India.
- The system operates on a deferred net settlement basis(DNS) in which transactions settled in batches.
- As money transfer takes place in the books of the Reserve Bank of India, the payment is considered as final and irrevocable.It is a risk free, most secure and reliable mode for remittance of funds.
