We have discussed relevant information about RTGS & NEFT form in Nainital Bank in this article for a better understanding.
Since 1922, The Nainital Bank Limited has been a private sector bank in India. Also, it is a scheduled commercial bank and a subsidiary of Bank of Baroda. It has a wide network of over 139 branches in Haryana, Rajasthan, Uttarakhand, Delhi, and Uttar Pradesh.
Moreover, it offers banking and financial solutions to its customers. Also, these customers are mainly retail and corporate.
Undoubtedly fund transfer is one of the crucial banking services of Nainital Bank. Therefore, it assures convenience to customers by providing different fund transfer options. RTGS and NEFT are the most common systems used for remittance.
We have discussed relevant information about RTGS & NEFT in Nainital Bank in this article for better understanding.
Download Nainital Bank RTGS/NEFT Pdf Form Online
RTGS as well as NEFT are the fund transfer systems facilitated by Nainital Bank. Moreover, Inter-bank transfer scheme of RBI executes these fund transfers. However, you can use RTGS/NEFT in following cases:
- When you wish to transfer money to beneficiary (third party)
- Beneficiary holds a bank account in other banks
- When beneficiary’s bank is the participant of RBI’s RTGS/NEFT
Nainital Bank provides RTGS/NEFT form online as well as through branch. Mostly, people prefer getting the form through branch. But downloading this form online is the outcome of digitization.
Further, you can download the RTGS/NEFT form online or by clicking on this link.
You may fill the form either on the system or manually after taking the printout. Just as an offline method, you need to fill the form and submit at the bank.
Fill Nainital Bank RTGS/NEFT form
Specifically the bank provides single application form for RTGS and NEFT transactions. Firstly, you should select the remittance type as RTGS or NEFT.
Then you should fill required information with due diligence. Further, the form needs information related to remitter, beneficiary and payment. Following is the information asked in the form:
- Beneficiary name
- Beneficiary’s bank, branch, IFSC code
- Account type and account number of beneficiary
- Remitter’s bank branch and account number
- Amount to be remitted
- Other details
Then, you have to submit the form to the bank executive. Also, pay applicable charges and get acknowledgment receipt.
Real Time Gross Settlement
Generally, this channel facilitates transfer of minimum fund amount of Rs. 2 lakhs. However, the bank does not have any maximum limit on fund transfer in RTGS. You can use this channel through branch and net banking.
Nainital Bank operates RTGS according to RBI schedule. So, RTGS processes on all bank working days. Further, the timings are 07:00 am to 06:00 pm for these days.
In general, these working days include Monday to Friday and operational Saturdays. However, only 1st, 3rd & 5th Saturdays are working and rest Saturdays are holidays.
RTGS Transaction Charges
Inward RTGS transactions are free for all Nainital Bank accounts. On the other hand, charges for outward transactions are as follows:
|Amount band||Charges per transaction|
|Rs. 2 lakhs- up to Rs. 5 lakhs||Rs. 24.50|
|Above Rs. 5 lakhs||Rs. 49.50|
However, these charges are exclusive of applicable GST.
National Electronic Fund Transfer
Nainital bank offers diverse channels for fund transfer through NEFT. So, these channels are net banking and branch. Moreover, there is no bar on maximum and minimum amount to transfer through NEFT.
As per RBI, NEFT is available round the clock (24×7, 365 days) through net banking. It means you can undertake NEFT transaction anytime from net banking.
If you desire to NEFT through branch, then the timings are branch working hours. Further, NEFT settlements are done in batches as per RBI guidelines.
Moreover, NEFT settlement takes place on the same day if requests are received prior to batch timings. But, in case of requests received after these timings, then settlement will be done on next batch/day.
NEFT Transaction Charges
No charges for Inward NEFT transactions by the bank. Also, NEFT is free of charges for savings bank account holders done via net banking.
Charges for outward NEFT transaction are as follows:
|Amount Band||Charges per transaction|
|Re. 1 to Rs. 10,000||Rs. 2.25|
|Rs. 10,001 to Rs. 100,000||Rs. 4.75|
|Rs. 100,001 to Rs. Rs. 200,000||Rs. 14.75|
|Rs. 200,001 & above||Rs. 24.75|
These charges are exclusive of applicable GST.
Nainital Bank RTGS & NEFT Online
Undoubtedly, visiting bank, filling the form and submitting it may be a tiresome process. Therefore, the bank comes with digital platform for integrating convenience in this task. It means that you can transfer funds using RTGS or NEFT via net banking.
Similar to branch form, you need to provide beneficiary information for RTGS/NEFT. You may add a beneficiary in your net banking account. Moreover, you may modify, search, activate or deactivate the registered beneficiary.
Also Check: Nainital Bank Balance Enquiry Number
To sum up, Nainital bank ensures reliable and secure finance management of customers. Moreover, it offers RTGS and NEFT for easy fund transfer. Also, it has made all its branches RTGS and NEFT-enabled under RBI.
FAQs (Frequently Asked Questions)
What are the benefits of NEFT for customers?
As a Nainital bank customer, you may avail the following benefits using NEFT:
1) Highly secured, expeditious and reliable
2) Applicable for amounts inclusive of paisa component
3) Does not involve material changes or physical losses during transit
4) Improved cash management
5) No limit on the amount to be transferred through a single NEFT transaction
Who are eligible for using RTGS and NEFT facility to transfer fund?
1) Eligibility for RTGS: Bank’s individual and corporate customers may transfer funds to accounts of other bank branches that are RTGS-enabled.
2) Eligibility for NEFT: Customers holding current and savings account in the bank. Moreover, OD/CC account holders may also use this facility. Applicable to customers of all NEFT-enabled bank branches for inward and outward NEFT remittance.
What is the maximum and minimum limit for fund transfer using RTGS facility?
For RTGS facility, minimum amount is Rs. 2 lakhs and no maximum limit on fund transfer.