The Nanded Merchant's Co-Op Bank

Call Our Support

7722092444

Nanded Bank

431604

Our Working Hours

Mon - Sat: 10 am - 5 pm

NEFT / RTGS

NEFT / RTGS

RTGS for Funds Transfer

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.

Benefits :
  • RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.

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.

Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank.

RTGS will not be operated on second and fourth Saturdays but would operate for full day on remaining working Saturdays.

Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.

For effecting an RTGS remittance the remitter has to furnish the following information:

Amount to be remitted.

Remitting customer’s account number which is to be debited

Name of the beneficiary bank.

Name of the beneficiary.

Account number of the beneficiary.

Sender to receiver information, if any

IFSC code of the destination bank branch

NEFT for Funds Transfer

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.

Benefits :
  • Handle Credit card payments

  • Faster because no demand drafts, cheques or letters.

  • What is NEFT Funds Transfer? A nation- wide funds transfer system, supporting the transfer of funds from any bank branch to any other bank branch.

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.

Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank.

RTGS will not be operated on second and fourth Saturdays but would operate for full day on remaining working Saturdays.

Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.

For effecting an RTGS remittance the remitter has to furnish the following information:

Amount to be remitted.

Remitting customer’s account number which is to be debited

Name of the beneficiary bank.

Name of the beneficiary.

Account number of the beneficiary.

Sender to receiver information, if any

IFSC code of the destination bank branch

THE NANDED MERCHANT’S CO OPERATIVE BANK LTD

CLOTH MARKET, M G ROAD

OLD MONDHA, NANDED-431604

www.nmcbank.com