RTGS

• The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds 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.




Is there any minimum / maximum amount stipulation for RTGS transactions done on Bank?

• The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. The maximum limit is Rs 10 lakh per day.

What are the transaction or service charges for RTGS transactions done on Bank?

RTGS Outward transactions (For Branches)	RTGS Charges
Amounts from Rs 2 lakh and upto Rs 5 lakh	Rs 50.00 Including GST
Amounts above Rs 5 lakh	Rs 70.00 Including GST

RTGS Timings

Transaction Timings	RTGS
Tuestday to Saturday (Except Monday)	7:00 AM to 10:30 AM

Can I make a part pre-payment on my Loan Account through RTGS with Nabapalli Co-Operative Bank Ltd.?

• Yes,we accept part pre- payment of your Loan through Real Time Gross Settlement (RTGS).

  In case you want to make part pre-payment on your Loan Account through RTGS you need to visit the nearest NPCBL Bank, Nabapalli/Nawpara branch.

  The Service Request number received during branch visit must be mentioned in the remarks column in the RTGS form while making part prepayment through RTGS.




• Please note that the transactions with invalid request numbers will be rejected.




What is the time taken for effecting funds transfer from one account to another under RTGS on Bank?

• Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank.

  The beneficiary bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message.




What is the maximum time for returning of RTGS transactions, which could not be credited to beneficiary's account?

• If the funds are not credited to the beneficiary's account for any reason like account does not exist, account frozen etc., the funds will be returned to the originating bank within one hour or before the end of the RTGS Business day, whichever is earlier.




How Real Time Gross Settlement (RTGS) is different from National Electronics Funds Transfer System (NEFT)?

• NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.

  In DNS, the settlement takes place with all transactions received till the particular cut-off time.

  These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually.

  Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this,

  in the RTGS transactions are processed continuously throughout the RTGS business hours.

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