What is Money Bank Transfer or Inter Bank Transfer?
Inter Bank Transfer or Money Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer - RTGS and NEFT. Both these systems are maintained by Reserve Bank of India.
This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible inter bank money transfer facility available through secure banking channels in India.
NEFT- National Electronic Fund Transfer
This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in hourly batches from 9 am to 7 pm on week days and 9 am to 1 pm on Saturdays.
The above mentioned facilities are available to both Retail and Corporate Internet Banking users of Banks (provided they have availed transaction rights from there respective Banks).
