Transfer of amount to any Bank/Account Any where in INDIA
Here is a list of FAQ's (Frequently Asked Questions) about NEFT System :
|What is NEFT System?|
|-||National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch. The system uses the concept of centralised accounting system and the bank's account, that are sending or receiving the funds transfer instructions, gets operated at one centre.|
|When will the beneficiary receive the money?|
|The beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.|
|What is the information required?|
The essential information that the remitting customer has to furnish is: -
· Beneficiary details such as beneficiary name and account number.
· Name and IFSC of the beneficiary bank branch.
|What is IFS Code (IFSC)? How it is different from MICR code?|
|Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks code, the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify the branch.|
|Is there any way a remitting customer can track the remittance transaction?|
|The remitting customer can track the remitting transaction through the remitting branch only, as the remitting branch is informed about the status of the remitted transactions.|
|Can a walk in customer remit cash through NEFT?|
|Yes, walk in customers can remit cash through NEFT from any of the Shahar Bank Branches.|
Transfer - any amount of Rs. 1,00,000 and above within 2 Hours to Any Bank / Account Anywhere in India.
There will no floor or cap value for customer transactions, which are sent to the RTGS System for settlement.
Here is a list of FAQ's (Frequently Asked Questions) about RTGS System :
|What is RTGS System?|
The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. This is the fastest possible money transfer system through the banking channel. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.
|Is there any minimum / maximum amount stipulation for RTGS transactions?|
|The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions.|
|What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be effected ?|
The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance:
1. Amount to be remitted
2. His account number which is to be debited
3. Name of the beneficiary bank
4. Name of the beneficiary customer
5. Account number of the beneficiary customer
6. Sender to receiver information, if any
7. The IFSC code of the receiving branch
Our Bank has adjustment with other banks which helps your money to reach its
destination in "REAL" time.