RTGS/NEFT

RTGS/NEFT

Real Time Gross Settlement (RTGS)

Prime Co Operative Bank has direct membership for RTGS with RBI. ”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 very quickest possible money transfer system through the banking channel. Settlement in “real time” and the transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without clustering with any other transaction. As this money transfer takes place in the books of the Reserve Bank of India, the payment is considered as final and irrevocable.The minimum amount to be remitted through RTGS is 2.00 lac. There is no upper ceiling for RTGS transactions. RTGS eliminates settlement risk. The volume of RTGS transactions is increasing rapidly.

Charges for RTGS

Real Time Gross Settlement (RTGS)  
Outward

Upto Rs.10,000/- Rs.3.00/-; Upto Rs.1 Lacs Rs.6.00/- ; Upto 2 Lacs Rs.17.00/- ; Above 2 Lacs Rs.29.00/-

Inward Nil

National Electronic Fund Transfer (NEFT)

Prime Co Operative Bank has direct membership for NEFT with RBI.\r\n\r\nNEFT is an electronic payment system to transfer funds from one account to another, between NEFT participant bank branches in India. in which transactions are settled in batches. It is a risk free, secure and reliable mode for transfer of funds of any amount.

Charges for NEFT

National Electronic Funds Transfer (NEFT)  
Outward Upto Rs.10,000/- Rs.3.00/-; Upto Rs.1 Lacs Rs.6.00/- ; Upto 2 Lacs Rs.17.00/- ; Above 2 Lacs Rs.29.00/-
Inward Nil