How to Transfer Funds Using NEFT and RTGS Online?

We live in an era where transferring funds is all we need to prove that we are taxpayers Indians. Most of the business do inter-bank transactions, and most of the transactions are done using NEFT (National Electronic Funds Transfer). This only works if the amount of the transaction is less than Rs 2 lac. If the amount of the transaction is more than Rs 2 lac, then RTGS is the only option for inter-bank funds transfers.  Check How to Transfer Funds Using NEFT and RTGS Online below.

Individuals, corporates or firms having an account with any particular banks can use this facility. Usually, the timings of NEFT and RTGS are fixed. The schedules for transferring funds via NEFT is 9 AM to 7 PM. It is for the weekdays the timing for Saturdays is 8 AM to 1 PM. On the other hand, RTGS has the same slot of timings for transferring and clearing transactions. On weekdays it is 9 AM to 4:30 PM, and on Saturdays, it is from 9 AM to 1 PM. 

transfer funds using neft and rtgs

How to Use NEFT for Transferring Funds?

We know that NEFT stands a national electronic fund transfer. This is the service where can transfer up to Rs 2 lac in one go. This service is available for every citizen of India. Let me show you how can you use this service for transferring funds and what are the most convenient ways for using this service. 

#1 Via Branch:

  • You need to visit your bank along with a signed cheque.
  • Enter all the details of the receiver bank account at the backside of the cheque.
  • Enter the recipient name in payee section, amount.
  • Submit at the cash counter and ask them for processing your NEFT transaction.
  • Depend on the time slot. Your NEFT transaction will be processed, and the same will be credited to the receiver account within 24 hours (Usually it takes 2 hours).
  • That’s it.

#2 Via Internet Banking:

  • This method requires the activation of internet banking for a particular bank account.
  • If this service is already activated, then you need to visit the official website of your bank.
  • Go through the login page.
  • Then on the payments page, you will find the option to add a beneficiary.
  • Add the receiver account details and submit for activation.
  • Post 30 mins of activation you can transfer the funds using NEFT facility.
  • Go through the same page again and select the beneficiary.
  • Enter the amount and choose the service option as NEFT.
  • Click on send and the UTR number will be shared with you.

#3 Via Mobile Banking:

Mobile banking is the same as internet banking. You get every access and service you get in using internet banking. Meanwhile, the option of fund transfer is also available in the mobile application. You can transfer the funds using NEFT and convenient payment options via your smartphone only. Let me tell you the process.

  • Download the mobile banking application on your smartphone.
  • Register and login using correct credentials.
  • Follow the same internet banking steps for beneficiary addition.
  • After that, go through the payment transfer option on the screen.
  • Select the added beneficiary.
  • Enter the amount and select NEFT while transferring.
  • That’s it.

Note: You need to know that you can not transfer more than 2 Lac rupees using NEFT.

How to Use RTGS for Transferring Funds?

RTGS is a real-time payment settlement system. It works the same as NEFT on the time slot basis. You can use RTGS if the amount is more than Rs 2 Lac. There are many options from which you can initiate the fund transfer using RTGS. Let me show.

#1 Via Branch:

  • You need to visit your bank along with a signed cheque, and also you need to ask them for RTGS form.
  • Enter all the details of the receiver bank account at the RTGS form.
  • Enter the recipient name in payee section, amount.
  • Submit at the cash counter and ask them for processing your RTGS transaction.
  • Depend on the time slot. Your RTGS transaction will be processed, and the same will be credited to the receiver account within few minutes. This too depends upon the time slot of RTGS.
  • That’s it.

#2 Via Internet Banking:

  • This method requires the activation of internet banking for a particular bank account.
  • If this service is already activated, then you need to visit the official website of your bank.
  • Go through the login page.
  • Then on the payments page, you will find the option to add a beneficiary.
  • Add the receiver account details and submit for activation.
  • Post 30 mins of activation you can transfer the funds using the RTGS facility.
  • Go through the same page again and select the beneficiary.
  • Enter the amount and choose the service option as RTGS.
  • Click on send and the UTR number will be shared with you.

#3 Via mobile banking:

  • You need to download the mobile banking application on your smartphone.
  • Then, register and log in using correct credentials.
  • Follow the same internet banking steps for beneficiary addition. (We have mentioned above)
  • After that, go through the payment transfer option on the screen.
  • Select the added beneficiary. (The one you have added in the previous step)
  • Enter the amount and select RTGS while transferring.
  • That’s it.

Note: Make sure that the amount is more than Rs 2 lac for initiating RTGS fund transfer.

Benefits of Using RTGS and NEFT:

There are many benefits to using RTGS and NEFT. This is a real-time payment settlement, and if we compared with cheque, then it takes too much time in clearing and reflecting to the bank accounts. Another reason why I love to use these facilities is they are fast, and there is no charge for using these services.

Conclusion:

We often do many of the business transactions via cheque, and sometimes anyone must receive or have to send any official money. In this case, we cannot wait for the cheque to get cleared. So, we have to rely on NEFT and RTGS facility. We can use these services for transferring funds, and if the amount of funds is less than 2 Lac, then NEFT will be the perfect option for the customer. 

On the other side, if the amount is greater than 2 lac, then RTGS is the only option for the customer. In this post, we have shared all the details related to NEFT and RTGS and how one can transfer funds using the same. Do let us know in the comments section if there is anything left to ask.

Leave a Reply