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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