FAQ for RTGS / NEFT

 

  1. What is Inter Bank Transfer?

       Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India  through:

      NEFT - The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account.
    • RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.

  2. How do I go about using this service?

  • You should be an active Internet Banking user with transaction rights

  • Log on to https://www.vijayabankonline.in/  by using your VNET Banking ID and Password

  • Click on the ‘Transfers’ link in the main menu

  • Click on “Inter Bank Fund Transfers” at left side menu bar

  • Register a beneficiary by providing details like beneficiary account number, address, IFSC code etc

  • Click on “Make a payment” after registering the beneficiary

  • Select the Beneficiary from the list of registered Beneficiaries

  • According to the transaction type selected (RTGS/NEFT), the credit account details will be displayed depending on whether the branch is RTGS or NEFT enabled or both

  • After making the payment, you will receive a confirmation message

   3. What are the service charges applicable for RTGS/NEFT transactions?

Currently there are no charges for RTGS/NEFT transactions done through VNET Banking.

   4. What is the mandatory information required to make an RTGS & NEFT payment?

       The Remitter has to provide the following details:

  • Amount to be remitted

  • Account number which is to be debited

  • Name of the beneficiary bank

  • Name of the beneficiary

  • Account number of the beneficiary

  • Remarks or description, if any.

  • The IFSC Code of the beneficiary branch

   5. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

       Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank.

       Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch

   6. At what time during the day/week is the RTGS & NEFT service is available?

4.             RTGS transactions will be sent to RBI based on the following schedule:

Day

Start Time

End Time

Monday to Friday

9:00 hrs

16:15 hrs

Saturday

9:00 hrs

13:00 hrs

  7. NEFT transactions will be sent to RBI based on the following schedule:

           NEFT transactions will be sent to RBI based on the following schedule:

Day

Start Time

End Time

Monday to Friday

9:00 hrs

18:30 hrs

Saturday

9:00 hrs

12:30 hrs

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

  • 11 settlements on weekdays - at 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.

  • 4 settlements on Saturdays - at 09:00, 11:00, 12:00 and 13.00 hrs.

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

-----------------------------------------------------------------