Union Bank of India RTGS Form 2025 - Summary
RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer) are modern electronic payment systems that enable individuals to easily transfer funds between banks. Unlike NEFT, which processes transfers in batches at scheduled times, RTGS allows for money transfers in real-time, making it a quicker option. The NEFT system settles transactions in hourly batches, whereas RTGS provides immediate settlements.
Union Bank of India RTGS (NEFT) Form PDF Download
To use the Union Bank RTGS/NEFT form, you will need to provide key details such as the account number, IFSC code, and the amounts for both the payer and the payee. You must also attach a cheque leaf with this form when submitting it to your bank branch.
The RTGS payment system is overseen by the Reserve Bank of India (RBI), ensuring it is a safe and dependable way to send and receive money across India, anytime you need it. In fact, RTGS stands out as one of the quickest options available for funds transfer. Compared to NEFT, which can take some time for settlement, RTGS offers a very rapid method. The fees for RTGS transactions are quite reasonable, typically ranging from Rs. 25 to Rs. 55.
Essential Information Needed for an RTGS Transaction:
- The amount to be transferred in rupees
- Name of the payee/beneficiary as it appears in the bank account
- IFSC code of the payee/beneficiary’s bank
- Account number of the payee/beneficiary
- Name of the beneficiary bank and its branch
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