Oriental Bank of Commerce is one of the nationalised Bank of India owned by the Government of India. The bank headquarte is situated in Gurgaon, Haryana. Presently, the bank has 2390 branches in all India and 2625 ATMs. In this article we will know about a common service provided by Oriental Bank of Commerce and that is Funds transfer under NEFT and RTGS. Lets study these two terms in deep.
NEFT ( National Electronic funds Transfer) is a online transfer system in which funds are transferred form one bank account to another. In NEFT the funds are transferred in batches quated in equal hours Of Reserve bank of India. The Bank charges nominal commission for this service as charge. Under NEFT one can transfer a sum form Rs 1 to below Rs 2 Lakh. NEFT service works on all days except bank holidays, sundays and any other gazetted holiday declared by state or central.
RTGS ( Real time Gross Settlement) is another online system of funds transfer from one bank account to another. In RTGS the funds are transferred on Gross basis or immediately it is transferred. Under RTGS one can transfer a sum starting from 2 Lakh to an unlimited extent. Bank charges a nominal charge in RTGS as service charge.
Lets learn how to fill the entries of the RTGS/NEFT form of Oriental Bank of Commerce
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