What do you understand by NEFT/RTGS?

National Electronic Funds Transfer System (NEFT) and Real Time Gross Settlement (RTGS) systems are introduced by Reserve Bank India through which fund transfer process would happen among members of Banks and financial institutions. Our bank is one of the participants in the above system.

In this way, we can say that both RTGS and NEFT are systems initiated by RBI for the profit of the customers which permit account's holders in the banks to automatically transfer the funds intra-bank. In the scenario of RTGS, agreement in on ‘Real Time’ basis when in fact in case of NEFT the agreement in on 'batch' basis and 'net' basis. Also there are few other rules, regulations and differences.

The Operating Hour of RTGS and NEFT

RTGS : The RTGS service window for customer’s transactions is available from 9.00 hours to 16.30 hours on week days and from 9.00 hours to 13.30 hours on Saturdays for real time settlement at the RBI end.

NEFT : Presently, NEFT operates in every hourly batches – there are twelve settlements from 8 am to 7 pm on week days (Monday through Friday) and six settlements from 8 am to 1 pm on Saturdays

IFSC code of our Bank

GSCBOUMEHSA

Timings

10:00 am to 03:30 P.M (Monday to Saturday)

Second and Fourth Saturday Holiday