RTGS NEFT

Real Time Gross Settlement’, RTGS, is the fastest possible money transfer system through the banking channel. Because settlements are made in real time, transactions are not subject to any waiting periods. With RTGS, transferring money becomes an easier, faster process. Real Time Gross Settlement (RTGS) System is set up, operated and maintained by Reserve Bank of India to enable funds settlement on real-time basis across Banks in the country.

Nainital Bank offers instant remittance facility through RTGS to both corporate and individual customers for transfer of funds from their accounts with us to customers of other Bank branches or vice versa, which are RTGS enabled.

Nainital Bank customer who is willing to transfer the funds will be required to provide the IFSC Code (a number allotted to each participating Bank branch) of the branch where the funds are to be transferred, along with other details of the beneficiary - Name, Account Number, etc. If they are to receive funds from others, they can inform the details like IFSC Code (of the branch of Nainital Bank where account is maintained), account number, etc to the sender.

Transfer of funds on the same day

No physical loss or material changes while in transit

Fully secured

Better cash management

As per RBI, schedule of RTGS is as follows:

*Please note that all the above timings are based on Indian Standard Time (IST) only.

Reserve Bank of India has introduced a system called ' National Electronic Funds Transfer System (NEFT)' through which funds transfer operation would take place among member Banks and financial institutions. Our bank is one of the participants in the above system. Electronic Funds Transfer System facilitate an efficient, Secure, economical, reliable and expeditious system of funds transfer

Fund Transfer through NEFT can be availed by the customers who maintain their operative accounts viz., Savings Bank, Current Account. This facility can also be allowed to CC / OD account etc., subject to ensuring end use of funds. Outward / Inward remittance facility under NEFT is offered to the customers of all the NEFT enabled branches.

Nainital Bank customer who is willing to transfer the funds will have to submit a request by filling up a form available in all NEFT Branches along with the Cheques/Debit instruction. The customer has to inform the beneficiaries Account Number, Name and IFSC code the Bank/ Branch where the funds are to be remitted. If they are to receive funds from others, they can inform the details like IFSC Code (of the branch of Nainital Bank where account is maintained), account number, etc to the sender

NEFT transactions may be made for amounts inclusive of paisa component.

There is no value limit for putting through an individual NEFT transaction.

No physical loss or material changes while in transit

Fully secured

Better cash management

RBI NEFT transactions are settled in batches based on the following timings:

* Please note that all the above timings are based on Indian Standard Time (IST) only

The messages sent before the above batch timings shall be included in the respective settlements otherwise they shall be included in the next batch/day

Presently charges are Nil for Savings Bank users for NEFT done via Netbanking.