NEFT
National Electronic Funds Transfer (NEFT) NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts in over 63000 bank branches across the country. This is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances.
FEATURES & BENEFITS
Customers can remit any amount using NEFT Customer intending to remit money through NEFT has to furnish the following particulars:
IFSC of the beneficiary Bank/Branch
Full account number of the beneficiary
Name of the beneficiary.
RTGS
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
In the competitive environment, various types of services are being provided by Bank. To provide speedy financial transaction through new technology, we have started to provide “RTGS” facility to customers in association with member Bank YES BANK LTD.
