NEFT - National
Electronic Funds Transfer, a nationwide payment system.
Through this method, Individuals, Firms & Corporates
can transfer funds from one account to another account in any Bank. But, both
the banks should be part of NEFT net work. It works through 12 settlements from
8 am & 7 pm on week days & on Saturdays through 6 settlements from 8 am
to 1 pm.
Funds up to Rs.2 lacs can be transferred thro this
method. Credit takes place in batches. A reasonable Service charge of Rs.2.50
to Rs.25 will be charged for this transfer. Charges varies from Bank to bank.
RTGS - Real Time
Gross settlement, is also an electronic payment system for large value
transactions which allows payment from Rs. 2 lacs onwards. There is no upper
ceiling. Instead of funds being transferred through 8 or / 6 settlements,in
batches, in RTGS the credit will be effected immediately.Timing is 9 am to 4.30
pm on week days and it is 9 am to 2 pm on Saturdays. Charges are from Rs 30 to
Rs.55 only. The charges varies from bank to bank.
In both the cases, amount to be remitted, account
numbers of remitter and beneficiary along with IFSC code to be given to the
remitting banker.
Incase of non credit due to any technical reasons the
money will automatically credited into the remitter's account.
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