Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer – RTGS and NEFT. Both these systems are maintained by Reserve Bank of India.
RTGS- Real Time Gross Settlement– This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
NEFT- National Electronic Fund Transfer– This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in hourly batches from 9 am to 7 pm on week days and Working Saturdays
The above mentioned facilities are available to both Retail and Corporate Internet Banking users of SBI (provided they have availed transaction rights).
What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?
What is the minimum/maximum amount for RTGS/NEFT transactions under Corporate Internet Banking?
TypeMinimumMaximumRTGSRs.2 LakhsRs.50 lakhs for Vyapaar and Rs.500 crores for VistaarNEFTNo MinimumRs.50 lakhs for Vyapaar and Rs.500 crores for Vistaar
When does the beneficiary get the credit for a RTGS payment?Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message.
When does the beneficiary get the credit for a NEFT payment?
As stated above, NEFT operates in hourly batches. Currently there are eleven settlements from 8 am to 7 pm on week days and Working Satudray’s Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 7 pm on weekdays and Working Saturday’s on the same day. For transactions settled in the 6 and 7 pm batches on week days and working satuday’s , the credit will be afforded either on the same day or on the next working day.
If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?
Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.
If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.
At what time during the day/week the RTGS & NEFT services are available?
RTGS transactions are sent to RBI as per the following schedule:
DayStart TimeEnd TimeMonday to Working Saturday7:00 hrs18:00 hrs NEFT transactions will be sent to RBI based on the following schedule:
DayStart TimeEnd TimeMonday to Working Saturday8:00 hrs19:00 hrs RBI NEFT transactions are settled in batches based on the following timings:
11 settlements on weekdays and working saturday’s- at 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs. Please note that all the above timings are based on Indian Standard Time (IST) only.
What is the mandatory information required to make an RTGS & NEFT payment?For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:
Amount to be remitted.
Remitting customer’s account number which is to be debited
Name of the beneficiary bank.
Name of the beneficiary.
Account number of the beneficiary.
Sender to receiver information, if any
IFSC code of the destination bank branch
How to find the IFSC code of the beneficiary branch?In Onlinesbi, the remitter has the option of selecting the location of the destination Bank Branch in case the IFSC code is not known. If the correct values are selected for Bank, State and Branch, the IFSC code is automatically updated.
