What is NEFT and RTGS system of funds transfer of SBI

What is NEFT and RTGS ??

All Bank offers a wide range of services to its customers like ATM services, Internet Banking service, SMS service and the most common is NEFT and RTGS. Both NEFT and RTGS are the most common services availed by the account holder. NEFT and RTGS is a online medium of funds transfer from one account to another account within seconds. Both the system are efficient, secure, economical and reliable system in the banking system

SBI RTGS (Real Time Gross Settlement)

RTGS or Real Time Gross Settlement is a online system of transferring funds from one bank account to another bank account to a sum of Rs 2 Lakh and obove in a day. Under this system of money transferring the funds transfer are processed on real time  or at the time time the transaction was made. RTGS system works on all days except on Sundays and public holiday as declared by state.

SBI NEFT (National Electronic Fund Transfer) :

NEFT or National Electronic Fund Transfer is another online system of transferring funds from one bank account to another bank account upto a sum of Rs 2 Lakh. IN NEFT payment are processed and settled on basis of deferred net settlement (DNS) basis at fixed times interval during the day. There is no minimum or maximum stipulated transaction value for using this facility. NEFT system works on all days except on Sundays and public holiday as declared by state.

Details required for transferring funds with NEFT and RTGS system

Certain details are required to be submitted for transferring funds through the medium of RTGS and NEFT. The remitter need to fill up a form or slip provided by the Bank and submit the required informations. Basically three informtions are required to transfer funds under NEft and RTGS.

  1. Name of the account holder
  2. Account number
  3. IFS Code of the Branch

Name of the account holder: In this section one has to fill the bank account name or the name by which the account is operating of the person to whom the money is transferred.

Account  number: Here the sender need to fill the account number of the person to whom the money is to be sent.

IFS Code of the Branch: Every branch has its own IFS Code that makes it differentiated from from another branch. IFS Code is must to be filled in NEFT and RTGS form for successful money transfer.

SBI RTGS form Download CLICK HERE

SBI NEFT form Download CLICK HERE