• NEFT - The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account.
• RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.

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

Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank . Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch.

RTGS transactions will be sent to RBI based on the following schedule:

NEFT transactions will be sent to RBI based on the following schedule:

1. 11 settlements on weekdays - at 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.
2. 4 settlements on Saturdays - at 09:00, 11:00, 12:00 and 13:00 hrs.

Please note that all the above timings are based on Indian Standard Time (IST) only.

The Remitter has to provide the following details:

• Amount to be remitted
  
• Account number which is to be debited
• Name of the beneficiary bank
• Name of the beneficiary
• Account number of the beneficiary
• Remarks or description, if any
• The IFSC code of the beneficiary branch

Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.

No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.

1. You should be an active Internet Banking user with transaction rights.
   
2. Log on to www.onlinesbh.com by using your SBH Internet Banking ID and Password.
   
3. Click on the ‘Manage Interbank Payee’ link in the ‘Profile’ tab.
   
4. Select the ‘Add’ option and provide the Beneficiary Name, Beneficiary Account Number, Beneficiary Bank and transfer limit to register the Beneficiary.
   
5. IFSC code of the Beneficiary’s bank can be keyed in by two ways:
   
   1. Click the IFSC Code option and a textbox is displayed where you can enter the 11 digit IFSC Code of the Beneficiary Bank.
      
   2. Click the Location option, the following are retrieved and displayed.
      
6. Beneficiary Bank Name – Dropdown Menu
7. Location - Dropdown Menu
8. Branch - Dropdown Menu
9. The confirm button will be enabled only after clicking the accept button in the terms and conditions window.
10. After providing all the details, the beneficiary will be added. It will be shown whether the added beneficiary bank is RTGS or NEFT enabled.
11. After adding the Beneficiary you will receive a high security password in your mobile number. This is done basically to double check your identity. Provide the password to authorize the Beneficiary. After a Beneficiary is authorized you can start transferring funds.
12. You can proceed to make payments by clicking the ‘Inter bank Transfer’ link in the ‘Payments/Transfers’ tab.
13. According to the transaction type selected (RTGS/NEFT), the credit account details will be displayed depending on whether the branch is RTGS or NEFT enabled or both.
14. Select the Beneficiary from the list of registered Beneficiaries.
15. You can either confirm or cancel the transaction.

Charges for RTGS/NEFT are as listed in the following table:

There will be no charges for incoming NEFT and SBGRPT transactions.

1. Outward Transactions: Rs.25/- per transaction, irrespective of the amount of transaction.
2. Inward Transactions : Rs.100/- per transaction recoverable from the recipient.

1. A flat fee of Rs.200/- per transaction for first four remittances in a week.
2. Service charge of Rs.1.00 per Rs.1,000/-; Minimum of Rs.200/- and Maximum of Rs.1,500/- per transaction from the 5th remittance onwards in a week.

Please contact your bank/branch or the receiver bank/branch or the Customer Facilitation Service center of the banks. The Customer Facilitation Service details for NEFT can be downloaded from here