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real time gross settlements

real time gross settlements (RTGS) / national electronic funds transfer (NEFT):

Real time gross settlements (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.

How 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. For example, currently, NEFT operates in hourly batches. [There are twelve settlements from 8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays.] 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.


All our branches are RTGS enabled.

When does the beneficiary get the credit for an NEFT payment ?

The beneficiary can expect to get credit for the first ten batches on week days (i.e., transactions from 8 am to 5 pm) and the first five batches on Saturdays (i.e., transactions from 8 am to 12 noon) on the same day. For transactions settled in the last two batches on week days (i.e., transactions settled in the 6 and 7 pm batches) and the last batch on Saturdays (i.e., transactions handled in the 1 pm batch) beneficiaries can expect to get credit either on the same day or on the next working day morning.

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

Yes. If the beneficiary`s bank is unable to credit the beneficiary`s account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter`s account by the branch concerned.

Information Required for transfer of Funds

  • Amount to be remitted
  • Account no. to be debited
  • Name of the beneficiary bank
  • Name of the beneficiary customer
  • Account no. of the beneficiary customer
  • Sender to receiver information, if any

Time Schedule

Service Type Remittance Type Start Time End Time
Retail Internet Banking NEFT 6:00 a.m. 6:35 p.m.
RTGS 8:00 a.m. 4:15 p.m.
Mobile Banking NEFT 6:00 a.m. 6:35 p.m.
Corporate Internet Banking NEFT 6:00 a.m. 6:35 p.m.
RTGS 8:00 a.m. 4:15 p.m.
Bulk NEFT 6:00 a.m. 6:30 p.m.
Bulk RTGS 8:00 a.m. 3:45 p.m.
Branch (Within Working Hours) NEFT 8:00 a.m. 6:40 p.m.
RTGS 8:00 a.m. 4:20 p.m.

is there any minimum / maximum amount stipulation for rtgs transactions ?

The minimum and maximum amount for RTGS transactions

Minimum Maximum
Rs 2 lacs No limit

RTGS Charges

Charges applicable w.e.f. 01-04-2016

Block Time of transaction verification Time varying tariff per transaction (Rs.) RTGS Charges + GST
From To Rs. 2 lacs to Rs. 5 lacs Above Rs. 5 lacs
1 08:00 11:00 Nil Rs.25/- + GST Rs50/- + GST
2 After 11:00 13:00 2.00 Rs.27/- + GST Rs52/- + GST
3 After 13:00 16:30 5.00 Rs.30/- + GST Rs55/- + GST
4 After 16:30 10.00 Rs.30/- + GST Rs55/- + GST

Our bank`s Customer Facilitation Centre for RTGS related Issues headed by Chief Manager is located at Mumbai :

Punjab National Bank

RTGS – NEFT Cell

First Floor, PNB House

Sir P M Road, Fort

Mumbai - 400 001

Tel: 022-22627526

Email: rtgs@pnb.co.in

national electronic funds transfer (NEFT)

NEFT is an application developed by RBI to facilitate customers to transfer funds from one bank account to another bank account in India. It is an efficient, secure, economical, reliable and expeditious system of funds transfer between banks. There is no minimum or maximum limit for remittance through NEFT.

Our ALL branches are NEFT enabled

When does the beneficiary get the credit for a NEFT payment ?

NEFT operates in hourly batches. Currently there are eleven settlements from 9 am to 7 pm on week days and five settlements from 9 am to 1 pm on Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 9 am to 5 pm on weekdays (between 9 am to 12 noon on Saturdays) on the same day. For transactions settled in the 6 and 7 pm batches on week days and at 1 pm on Saturday, the credit will be afforded either on the same day or on the next working day.

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 within next two batches i.e (B+2) to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitters account by the remitting bank.

The minimum and maximum amount for NEFT transactions

Minimum Maximum
No limit Rs. 500.00 lacs

Walk-in- Customers can transfer fund to any other bank (covered under NEFT) through NEFT by depositing cash less than Rs.50000.00.

Service charges for NEFT are as follows

Transaction Amount Charges
Upto Rs.10000/-* Rs. 2.50 + GST
Above Rs10,000/- to Rs.1,00,000/-* Rs.5.00 + GST
Above Rs.1,00,000/- to Rs.2,00,000/- Rs. 15.00 + GST
Above Rs.2,00,000/- Rs.25.00 + GST

*with effect from 01-01-2014.

Note: RTGS and NEFT systems work on all days except on Sundays and RTGS/NEFT holidays (declared by RBI).

Information Required for transfer of Funds

  • Amount to be remitted
  • Account no. to be debited
  • Name of the beneficiary bank
  • Name of the beneficiary customer
  • Account no. of the beneficiary customer
  • Sender to receiver information, if any
  • IFSC code of the receiving branch.(IFSC Code is printed on cheque leaves.)

These facilities are available at all our branches. For further details, please contact our nearest branch.

Our bank`s Customer Facilitation Centre for NEFT related Issues headed by Chief Manager is located at Mumbai :

Punjab National Bank

RTGS – NEFT Cell

First Floor, PNB House

Sir P M Road, Fort

Mumbai - 400 001

Tel: 022-22627511

Email: neft@pnb.co.in

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