For those who have been tired of transferring funds, here is what the govt has for you..
The RBI’s fund transfer options – NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) provide digital transfer of funds from the remitter, who has an account in one bank, to the beneficiary, who has an account in any other bank/branch. The transfer can be carried out using the e banking facility.
How do you activate it?
A third party payment using internet banking facility should be activated for making transactions through NEFT or RTGS.
Who will be the recipient(beneficiary)?
The person to whom the payment is to be made has to be added as a ‘beneficiary’ and his bank account details needs to be provided in order to transfer the funds. These include the name of the beneficiary account holder, account number, bank and branch name, and the IFSC code of the beneficiary bank branch.
What is the process?
It will take a minimum of 12 hours to a maximum of 24 hours for authentication of the provided details of the beneficiary. And once this is done, the new beneficiary is activated and the funds can be transferred to the specified account.
How do you transfer?
Select the type of transfer option (NEFT or RTGS), beneficiary name, amount, and the reason/description of transfer. On submission of the details and the security transaction password, the transfer instruction is processed. The NEFT transfer takes place in batches and the RTGS transfer is carried out on a real-time basis.
Terms and Conditions:
The minimum amount that can be transferred by RTGS is Rs 2 lakh. There is no such limit for transfer through NEFT.
NEFT is settled in batches at times defined by the RBI. RTGS transactions are settled continuously as and when they are put through.
The transfer of funds through NEFT and RTGS can also be carried out by submitting the remittance form at the remitter’s bank branch.
To take advantage of these transfer options check with your bank for the details related to login and mobile app presence.