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. Bank offers NEFT/RTGS facility under the sub-membership of HDFC Bank.
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,
RTGS transactions
| DAY |
START TIME |
END TIME |
| Monday to Friday |
10:30 hrs |
2:00 hrs |
| Saturday |
10:30 hrs |
1:00 hrs |
NEFT transactions
| DAY |
START TIME |
END TIME |
| Monday to Friday |
10:30 hrs |
2:00 hrs |
| Saturday |
10:30 hrs |
2:00 hrs |
Features of NEFT :
- Safest and Secure Mode of Fund Transfer
- Credit to Beneficiary’s Account on the Same Day
- No Courier/ Postal expenses to Transfer the funds
- Customers can receive money through RTGS to their accounts with Bank from Other Banks
- Credit to the Beneficiary Account will be given by the branch of the Beneficiary’s Bank on the same day and in case of holiday / after business hours, credit will be given on next working day.
- Minimum Amount of Remittance – As per RBI guidelines