RTGS;-
REAL TIME GROSS SETTLEMENT SYSTEM (RTGS)
INTRODUCTION RTGS IS A SYSTEM INTRODUCED BY RBI WHERE THE FUNDS TRANSFER REQUESTS ARE PROCESSED IN REAL TIME, I.E. AS SOON AS THEY ARE RECEIVED FROM THE REMITTING BANK. THROUGH RTGS AN INDIVIDUAL CAN TRANSFER FUNDS FROM ONE BANK TO ANOTHER WITHIN INDIA ON AN IMMEDIATE BASIS. IT IS IDEALLY USED FOR HIGH VALUE TRANSACTIONS ONLY. RTGS IS THE FASTEST AND MOST SECURE MEANS OF FUNDS TRANSFER IN INDIA. RTGS PAYMENT SYSTEM IS ONE IN WHICH THE PAYMENT INSTRUCTION BETWEEN BANKS ARE PROCESSED AND SETTLED INDIVIDUALLY AND CONTINUOUSLY THROUGHOUT THE DAY.
IT ENSURES QUICK AND EFFICIENT FUNDS TRANSFER MAINLY COVERING THE FOLLOWING TYPES OF TRANSACTIONS:-
INTER-BANK FUNDS TRANSFER.
CUSTOMER BASED INTER-BANK FUNDS TRANSFER.
OWN ACCOUNT FUNDS TRANSFER.
FEATURES OF RTGS SYSTEM
MINIMUM AMOUNT THAT CAN BE TRANSACTED IS RS.2.00 LAKHS AND THERE’S NO MAXIMUM LIMIT.
REAL TIME ONLINE FUND TRANSFER, IMMEDIATE CLEARING.
TRANSACTIONS EXECUTED ON AN INDIVIDUAL AND GROSS BASIS.
THE SYSTEM IS HIGHLY RELIABLE AND POWERED BY RBI.
SETTLEMENT PROCESS:-
IN RTGS SYSTEM, A SINGLE DEDICATED ACCOUNT, CALLED RTGS SETTLEMENT ACCOUNT FOR EACH PARTICIPANT BANK FOR OUTWARD AND INWARD RTGS PAYMENTS, IS MAINTAINED WITH RBI. EACH BANK MAINTAINS A PAYMENT GATEWAY, CONNECTED TO THE IDENTIFIED BRANCHES, SELECTED FOR HANDLING RTGS PAYMENTS. WHEN PAYMENT INSTRUCTIONS ARE RECEIVED FROM VARIOUS BRANCHES, THEY ARE PLACED IN A PAYMENT QUEUE. DEPENDING ON THE LIQUIDITY POSITION AND IMPORTANCE, BANKS ASSIGN PRIORITY TO THE PAYMENTS AND RELEASE THEM. AS SOON AS A PAYMENT IS RELEASED, IT REACHES RBI’S PAYMENT GATEWAY AND AFTER THE PARTICIPANT’S RTGS ACCOUNT IS DEBITED, THE CREDIT IS RELEASED TO THE RECEIVING BANK’S GATEWAY. ON RECEIVING THE CREDIT, THE RECEIVING BANK’S GATEWAY TRANSFERS THE CREDIT TO THE RESPECTIVE BRANCH.
NATIONAL ELECTRONIC FUNDS TRANSFER SYSTEM (NEFT):-
INTRODUCTIONTHE NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT) SCHEME INTRODUCED BY RBI IS A SYSTEM BY WHICH FUNDS CAN BE TRANSFERRED FROM THE ACCOUNT OF A CUSTOMER IN A BRANCH OF THE PARTICIPATING BANK TO AN ACCOUNT OF A CUSTOMER OF ANOTHER PARTICIPATING BANK AT THE DESTINATION CENTRE
.
FEATURES OF NEFT:-
NEFT SYSTEM IS AN INTERCITY, INTRA-CITY AND INTER-BANK MONEY TRANSFER SERVICE I.E. ANY BANK BRANCH TO ANY OTHER BANK BRANCH AND FROM ONE CITY TO ANOTHER CITY.
THE SYSTEM TAKES THE ADVANTAGES OF THE INFORMATION TECHNOLOGY THROUGH IMPROVED CONNECTIVITY AMONGST BANKS’ BRANCHES.
UNDER NEFT ALL THE INWARD / OUTWARD MESSAGES WILL BE SETTLED ON A NET BASIS AS DONE PREVIOUSLY IN THE CLEARING SETTLEMENTS AND BATCH WISE.
SETTLEMENT PROCESS:-
NEFT MESSAGES ARE CREATED AT BRANCHES AND TRANSMITTED TO THE BANK’S NEFT SERVICE CENTRE. AT THE BANK’S NEFT SERVICE CENTRE, THE NEFT APPLICATION SOFTWARE RECEIVES MESSAGES, SEGREGATES AND STORES THEM IN A DATABASE.
THE MESSAGES RECEIVED FROM VARIOUS BRANCHES ARE AGGREGATED AT NEFT SERVICE CENTRE AND SENT TO THE NEFT CLEARING CENTRE AT RBI. AT RBI, TRANSACTIONS ARE AGGREGATED BANK WISE (BASED ON THE CREDITS AND DEBITS), NETTED AND A MESSAGE IS SENT TO RTGS FOR SETTLEMENT FOR EACH BATCH.
BASED ON THE CONFIRMATORY OR REJECTED MESSAGE RECEIVED FROM RTGS, THE SETTLEMENT STATEMENTS ARE SENT TO THE BANKS’ SERVICE CENTRES FOR SUCCESSFUL BATCHES. AT BANKS’ SERVICE CENTRE THESE INWARD MESSAGES ARE SORTED BRANCH-WISE AND TRANSMITTED TO THE BRANCHES. ALL THESE ACTIVITIES ARE DONE AUTOMATICALLY AT NEFT SERVICE CENTRE.
NEFT TIMINGS:-
DAYS CUSTOMER TRANSACTIONS:-
24 X 7 (INCLUDING HOLIDAYS)
00.00 AM TO 24.00 PM (SETTLEMENT ON HALF HOURLY BASIS).
THERE ARE 48 HALF-HOURLY BATCHES EVERY DAY. THE SETTLEMENT OF THE FIRST BATCH WILL COMMENCE AFTER 0.30 HOURS AND THE LAST BATCH WILL END AT 00.00 HOURS.
CHARGES:-
RETURN OF RTGS/NEFT:-
IF RTGS / NEFT ARE RETURNED FOR ANY REASON, IT WILL BE CREDITED BACK TO THE RESPECTIVE ACCOUNT.
IF RTGS / NEFT THROUGH BGL IS RETURNED, IT WILL BE CREDITED TO RTGS / NEFT INTER-BANK CASH SUSPENSE” BGL.
FEATURES OF IMPS:-
ALLOWS REAL-TIME DOMESTIC FUND TRANSFER TO BENEFICIARY CUSTOMERS.
PROVIDES ITS SERVICES 24 X 7 X 365 TO THEIR MEMBER BANKS.
IMPS IS FAST, INEXPENSIVE, SAFE AND SECURE.
KNOWING BENEFICIARY’S ACCOUNT NUMBER AND IFSC IS NOT COMPULSORY IN IMPS. YOU CAN TRANSFER FUNDS USING MMID, AADHAAR NUMBER AND MOBILE NUMBER ONLY.
DETAILS NECESSARY TO MAKE AN IMPS TRANSACTION:-
IN ORDER TO MAKE A PAYMENT OR TRANSFER FUNDS THROUGH IMPS, YOU MUST HAVE AT LEAST ONE OF THE FOLLOWING DETAILS ABOUT THE BENEFICIARY:-
MOBILE NUMBER AND MOBILE MONEY IDENTIFIER (MMID)
BANK ACCOUNT NUMBER AND IFSC CODE.
AADHAAR NUMBER.
IMPS TIMINGS AND LIMITS:-
IMPS IS AVAILABLE “ROUND-THE-CLOCK” (EVEN ON HOLIDAYS) – 24 X 7 X 365
THERE IS NO MINIMUM LIMIT AND MAXIMUM LIMIT PER TRANSACTION IS RS.2 LAKH.
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