Central Bank of India is one of the oldest and largest public sector banks of India. The bank headquarter is situated in Mumbai. Presently the Bank has 4,681 branches, 3,477 ATM. Central bank of India provides a wide range of services to its customer like accepting deposit, Providing ATM facility, issuing cheque to its customer, Providing home and vehicle loans and the most common NEFT and RTGS system of funds transfer.
What is Central Bank of India NEFT and RTGS system of funds transfer ??
NEFT or National Electronic funds transfer is a online funds transfer in which the funds are transferred form one bank to another bank account across any corner of the country. Under NEFT one can transfer a sum below Rs Two Lakh. The Bank charges nominal commission for this service. In NEFT the transfer system works on batches which is equated into equal working hours as prescribed by the Reserve Bank of India.
RTGS or Real time Gross Settlement is an another similar system like NEFT that enables one to transfer funds from one bank account to another bank account. The only feature that differ it from NEFT is that in RTGS one can transfer from starting amount of Rs Two lakh to a unlimited amount. Bank charges an service charges for this service. In RTGS the settlements are made on real time or immediately.
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What is the Eligibility for qualifying for NEFT and RTGS
There are basically two needs to transfer funds under RTGS and NEFT. Firstly one should have an bank account when he wishes to transfer the amount in offline mode. Secondly, he should have sufficient funds specially the sum he is transferring in another account. Thirdly, for transferring through this medium online one needs to have access to internet banking. Nowdays apps like BHIM doesn’t require any internet banking access to transfer funds in another account. One needs to just install the app register the mobile number with the bank account. Later afte successful account creation one can transfer the amount just by inputting the account name, account number, IFS Code of the receiver of the funds.
Central Bank of India NEFT and RTGS Charges
Central Bank NEFT and RTGS charges depends upon the amount one is transferring in another account. One can confirm form the Bank about the charges levied on the amount.
What are the mode of transferring funds under NEFT and RTGS system
There are basically two ways devised for funds transfer under NEFT and RTGS. One is online banking which includes internet banking, mobile banking, IMPS or BHIM App. The another mode devised for NEFT and RTGS is offline, under which one needs to visit a bank fill up a form and pay the necessary charges.
How to fill the entries of NEFT and RTGS form of Central Bank of India
Lets see how and what actually is to be filled in the entries of Central Bank of India NEFT/RTGS form.
Application form for Transfer of funds through NEFT/RTGS
In this state tick on NEFT if you are transferring amount less than 2 Lakh and in case if you are transferring 2 Lakh or above then tick on RTGS option.
Date: Write the date when you are doing the transaction
The Branch Manager
Write the name of your home branch Branch
Please remit a sum of Rs Write the amount you wish to transfer in else account in figure ( Rupees Write the amount you wish to transfer in else account in words only through NEFT/RTGS( choose either NEFT or RTGS as per the amount discussed at the starting of the post) as per the details given below and debit the amount including your charges to my CD/CC/OD/CC/SB Choose and tick the account type either current or saving bank account maintained with this bank Account Number write the account number of your bank account maintained with write home branch name branch
Details of Applicant:
Name: The sender of the funds has to write the bank account name or Name
Account Number: The Remitter has to write the Bank account number from which he wishes to transfer the amount
Address: the sender or remitter needs to write the residential address
Tel/Mobile No: The sender needs to write the mobile number
Email ID: The sender can specify the email ( optional)
PAN: The sender needs to furnish the PAN card number. Input of PAN Card number is necessary when one is transferring a minimum amount of Rs 50000 if one doesn’t have he should fill form 60
Detail of Beneficiary:
Name: Write the Bank account name of the person receiving the money in this account
Account Number: Write the bank account number of the person who is receiving the money
Account Type: Choose the account type either Saving or Current account
Name of the Bank: Write the Bank name of the person who is receiving the money
Name of the branch: write the home branch name of the person who is receiving the money
IFSC Code: Here the sender has to furnish the IFSC code of the Home branch of the Receiver of the funds
For Bank Use only ( Leave all this entries blank as they are meant to be filled by bank officials only
Signature of the Applicant: The Remitter or the sender of the funds has to do a signature in this coloumn
That’s it the form is filled in the proper manner. Now the Remitter has to draw a cheque with Pay Self or Yourself and with the total amount of Bank charges and the transferring amount.
Video Tutorial in Hindi
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