Indian Bank provides several convenient, safe, and quicker modes to make money transfer possible for its customers. These modes are available both online and offline.
However, the most trusted methods of cash transfer in every bank are NEFT and RTGS for any kind of amount.
This particular article will help you get every detail of how to make these transfers both online and offline. I have tried to include all the links to provide you a one-stop solution.
Now, let’s get started.
- 1 Why and When Choosing RTGS/NEFT Transfer
Why and When Choosing RTGS/NEFT Transfer
The RTGS system is also a funds transfer mechanism. It allows us to transfer money from one bank to another in real-time and on a gross basis. This is the fastest possible money transfer system through the banking channel, faster than NEFT.
Since the settlement takes place on a real-time basis, it means that payment transaction is not subjected to any waiting period. They are settled as soon as they are processed.
The gross settlement allows the transaction to settle on one to one basis without bunching with any other purchase, as in the case of NEFT. The payment made via RTGS is final and irrevocable.
RTGS system is primarily used for large value transfers. The minimum amount to be remitted via RTGS is Rs.1 lakh. There is no upper limit for RTGS transactions.
NEFT is an electronic fund transfer system. It operates on a deferred net settlement (DNS) basis. In DNS, the settlement takes place at a particular point in time, and the transactions are settled in batches. At Indian Bank, there are six settlements for NEFT transfer. They are at 9:00 AM, 11:00 AM, 12:00 PM, 1:00 PM, 3:00 PM and 5:00 PM on weekdays and 3 settlements at 9:00 AM, 11:00 AM and 12:00 PM on Saturdays respectively.
No minimum or maximum stipulation has been fixed for NEFT transactions.
Indian Bank NEFT Transfer Charges
Indian Bank levies certain Charges for NEFT transfer, they are:
- Rs.1 to (less than) Rs.1 lakh : Rs.5/- per transaction.
- Rs.1 lakh and above: Rs.25/- per transaction.
Indian Bank RTGS Transfer Charges
Indian Bank levies certain Charges on RTGS transfer as well, they are:
- Rs.1 for (less than) Rs. 5 lakhs: Rs.25/- per transaction
- Rs.5 lakhs and above: Rs.50/- per transaction
Important Note: All incoming are free of charge.
How to Fill Indian Bank RTGS/NEFT Form Online?
The remitting customer has to furnish the following information to a bank for effecting an NEFT or RTGS remittance.
- Amount to be remitted
- Account to be debited
- Name of the beneficiary bank
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information if any
- The IFSC code of the receiving branch
All branches of the Indian Bank are enabled for RTGS and NEFT.
Download Indian bank RTGS/NEFT PDF Form
To make an offline NEFT or RTGS transfer, you need the information mentioned hereinbefore.
Now, visit your branch, fill in the form, and submit it.
You can find the form either at the branch of the Indian Bank or download the pdf from the given link.
Timings for NEFT transfer in Indian Bank
NEFT Settlement at Indian Bank takes place six times a day during the weekdays and three times during Saturdays.
|Weekdays, Monday to Friday||(9.00 AM,11.00AM, 12.00 noon, 1.00PM, 3.00PM and 5.00 PM)|
|Working Saturdays||(9.00 AM to 11.00 AM and 12.00 noon)|
Important Note: Any transaction initiated after a designated settlement
Time would have to wait until the next designated settlement time.
Timings for RTGS transfer in Indian Bank
RTGS, transactions are processed continuously throughout the RTGS business hours. The regular business hours of Indian banks are between 10 AM to 4:45 PM.
Indian Bank Customer Care Numbers
For any other assistance, you may directly connect with them through their toll-free helpline number 1800-425-00-000 for more.