FAQ - RTGS/NEFT

1. What is Inter Bank Transfer?

Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:NEFT - The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.

2. What is the minimum / maximum amount for RTGS /NEFT transactions?

Type Minimum Maximum
RTGS Rs. 1 Lakh No Limit
NEFT No Limit No Limit

3. When does the beneficiary get the credit for a RTGS payment?

Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.

4. When does the beneficiary get the credit for a NEFT payment?

The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.

5. If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch.

6. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank . Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch.

7. At what time during the day /week is the RTGS & NEFT service is available?

Presently, NEFT is settled in six batches at 09:30 A.M., 10:30 A.M., 12:00 P.M., 1:00 P.M., 3:00 P.M. and 4:00 P.M. hours on weekdays and 09:30 A.M., 10:30 A.M. and 12:00 P.M. hours on Saturdays in RBI. OnlineSBI sends the transaction requests upto 3:30 P.M. on weekdays and upto 11:30 A.M. on Saturdays.RTGS transaction requests will be sent to RBI upto 3:30 PM. on weekdays and upto 11:30 AM on Saturdays.

8. What is the mandatory information required to make an RTGS & NEFT payment?

The Remitter has to provide the following details:
Amount to be remitted
Account number which is to be debited
Name of the beneficiary bank
Name of the beneficiary
Account number of the beneficiary
Remarks or description, if any
The IFSC code of the beneficiary branch

9. How to find the IFSC code of the beneficiary branch?

Based on simple search option - Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.

10. Do all bank branches in India provide RTGS & NEFT service?

No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website.