Services

NEFT/RTGS

Services

Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer – RTGS and NEFT. Both these systems are maintained by Reserve Bank of India.Bank offers NEFT/RTGS facility under the sub-membership of SVC Bank.
RTGS- Real Time Gross Settlement
This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also, the settlement of funds transfer instructions occurs individually on an instruction-by-instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
NEFT- National Electronic Fund Transfer This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS

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