RTGS

REAL TIME GROSS SETTLEMENT ( RTGS ) SYSTEM

Have you ever faced the circumstances when you have realized that if you would have received your payment earlier, you could have grabbed the business opportunity or you have missed the good business opportunity only because of delay in receipt of payment? If you are having ample market for the products or services you are dealing in and supply is not a constraint, speedy movement of money may increase your business. How?

By utilizing RTGS system of payment - for making as well as receiving payment  - to / from customers.

When you pay through Demand Draft, You first deposit the amount with Bank, receive a physical instrument i.e. D.D., send it to the beneficiary through post or courier and Beneficiary receives the payment through banking channel. This cycle may take few days and thereafter you may perhaps go for another business transaction. If you avail RTGS facility, you can remit or receive the funds to / from anywhere in India to a bank branch which is covered under RTGS, just within a period of maximum two hours and thereby multiply your number of business transactions

What is RTGS System ?

RTGS system is a payment platform where instructions between Banks are processed and settled individually and continuously through the day. It is an Electronic clearing system in which both processing and final settlement happen real time. Funds can be transferred or received to / from any branch of any bank in India which is RTGS member, within two hours. In fact payment is effected almost instantaneously. By availing the benefits of RTGS system, one can manage the funds more efficiently and effectively.

Present Clearing System v/s RTGS System :-

In the present clearing system, person receiving the payment has to present the instruments to his bank and his bank has to present the instruments in the local clearing or to send outstation instruments to the concerned station / place for clearance. Payment will be effected within one day for High Value Clearing and within few days for outstation instruments. Physical instruments are to be presented within specified time limit and final settlement takes place only after return clearing.

In RTGS System, person making the payment is remitting funds electronically through his Bank and there is no physical movement of instrument. Transactions are settled on a continuous basis and settlement is immediate, final and irrevocable. Beneficiary receives the credit within few hours. RTGS is a safe, secure, sound and efficient payment and settlement system, both for local as well as outstation financial transactions. It helps to manage working capital more efficiently.

Procedure for RTGS system :-

For payment through RTGS system, the Remitter ( Customer ) is required to submit the - RTGS Funds transfer application form  - along with amount to be transferred plus Bank commission / Charges to any of our branches. The Remitter shall be responsible for the accuracy of particulars given in RTGS application form.

YOU CAN TRANSFER FUNDS TO ANY BANK BRANCH ANY WHERE IN INDIA, IF IT IS PARTICIPATING IN RTGS. AT PRESENT, MORE THAN 22000 BANK BRANCHES ALL OVER INDIA ARE RTGS MEMBERS.

Details required for SENDING PAYMENTS through RTGS :-

Beneficiary (receiver, to whom you want to make payment) Details:-

  • Beneficiary Name
  • Beneficiary Account Number
  • Beneficiary Bank Name
  • Beneficiary Branch Name
  • Beneficiary Bank IFSC
  • IFSC of Beneficiary Branch
  • Accounts Type  - Savings / Current / Cash Credit

Details required for RECEIVING PAYMENTS through NEFT :-

BRANCH CODE BRANCH NAME IFSC
002 MASKATI MARKET NNSB0128002
003 NEW CLOTH MARKET NNSB0128003
004 SHANTI COMM CENTRE NNSB0128004
005 ASHRAM ROAD NNSB0128005
006 RAKHIAL NNSB0128006
007 BAPUNAGAR NNSB0128007
008 VASNA NNSB0128008
009 DRIVE IN ROAD NNSB0128009
010 PANJARA POLE NNSB0128010
011 JODHPUR-SATELITE NNSB0128011
012 LAW GARDEN NNSB0128012
013 ISHANPUR NNSB0128013
014 NARANPURA NNSB0128014
015 NARAYAN NAGAR NNSB0128015
016 NEW SHARDA MANDIR NNSB0128016
017 VEJALPUR NNSB0128017
018 THALTEJ NNSB0128018
019 MANINAGAR NNSB0128019
020 CHANGODAR NNSB0128020
021 ODHAV NNSB0128021
022 BOPAL NNSB0128022
041 SURAT NNSB0128041
051 ANDHERI (W) NNSB0128051

15 DIGIT ACCOUNT PATTERN
BRANCH CODE 3 DIGITS ACCOUNT TYPE 2 DIGITS PRODUCT CODE 4 DIGITS ACCOUNT NUMBER 6 DIGITS
  10 - SAVING
11 - CURRENT
13 - CASH CREDIT
1540 - SAVING
1500 - CURRENT
8230 - CASH CREDIT
 

EXAMPLE :
New A/c No. for old saving account number 1234 of law garden branch
012+10+1540+001234 = 012101540001234

New A/c No. for old C.C. account number 1234 of law garden branch
012+13+8230+001234 = 012138230001234

New A/c No. for old current account number 1234 of law garden branch
012+11+1500+001234 = 012111500001234