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PNB RTGS/NEFT Form
Real-Time Gross Settlements (RTGS)
The acronym `RTGS` stands for Real-Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). `Real Time` means the processing of instructions at the time they are received rather than at some later time; `Gross Settlement` means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds’ settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
Information Required For Transfer Of Funds
- Amount to be remitted
- Account no. to be debited
- Name of the beneficiary bank
- Name of the beneficiary customer
- Account no. of the beneficiary customer
- Sender to receiver information, if any
Time Schedule: (Change In RTGS Timing Wef. 26.08.2019, Change In NEFT Timing Wef. December 16, 2019)
Service Type | Remittance Type | Start Time | End Time |
---|---|---|---|
Retail Internet Banking | NEFT | 24*7 | 24*7 |
RTGS | 7:00 a.m. | 6:00 p.m. | |
Mobile Banking | NEFT | 24*7 | 24*7 |
Corporate Internet Banking | NEFT | 24*7 | 24*7 |
RTGS | 7:00 a.m. | 6:00 p.m. | |
Branch (Within Working Hours) | NEFT | Within Working Hours | Within Working Hours |
RTGS | 7:00 a.m. | 6:00 p.m. |
Is There Any Minimum / Maximum Amount Stipulation For Rtgs Transactions?
The Minimum And Maximum Amount For RTGS Transactions
Minimum | Maximum |
---|---|
Rs 2 lacs | No limit |
National Electronic Funds Transfer (NEFT)
NEFT is an application developed by RBI to facilitate customers to transfer funds from one bank account to another bank account in India. It is an efficient, secure, economical, reliable, and expeditious system of funds transfer between banks. There is no minimum or maximum limit for remittance through NEFT.
Service Charges For NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT) Are As Follows
Charges Applicable W.E.F. 01-04-2020
Payment System | Revised Charges | |
---|---|---|
NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT) | ||
Inward Transactions | Free | |
Outward Transactions | ||
Transaction Value | From Branch | From IBS/ MBS |
Upto Rs.10000/- | Rs.2.00 | NIL |
Above Rs.10000/- to 100000/- | Rs.4.00 | |
Above Rs.100000/- to 200000/- | Rs.14.00 | |
Above Rs.200000/- | Rs.24.00 |
Note: RTGS systems work on all days except on Sundays & holidays (declared by RBI). However, NEFT will be available 24*7
Information Required For Transfer Of Funds
- Amount to be remitted
- Account no. to be debited
- Name of the beneficiary bank
- Name of the beneficiary customer
- Account no. of the beneficiary customer
- Sender to receiver information, if any
- IFSC code of the receiving branch.(IFSC Code is printed on cheque leaves.)