RTGS/NEFT Facility

Universal Co-Operative Urban Bank Ltd. offers RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer) services for convenient and secure electronic fund transfers. These services, regulated by the Reserve Bank of India (RBI), enable customers to transfer funds to other bank accounts across India.

 

What is RTGS?

RTGS is a system for high-value fund transfers. The "real-time" aspect means that the transaction is processed individually as soon as it is received, and the "gross settlement" means that each transaction is settled on a one-to-one basis without being clubbed with other transactions.

• Minimum Transaction Amount: The minimum amount for an RTGS transaction is Rs. 2,00,000.
• Maximum Transaction Amount: There is no upper limit for RTGS transactions.
• Timings: While specific timings may vary, RTGS transactions are generally processed during a designated time window on weekdays and Saturdays (excluding 2nd and 4th Saturdays).

 

What is NEFT?

NEFT is an electronic fund transfer system that facilitates one-to-one payments. Transactions are processed in batches on a deferred net settlement basis, meaning they are settled periodically at fixed intervals.

• Transaction Amount: There is no minimum or maximum limit for NEFT transactions.
• Timings: NEFT transactions are processed throughout the day, except on the 2nd and 4th Saturdays and public holidays.

 

Requirements for Fund Transfer

To initiate an RTGS or NEFT fund transfer, you will need the following information for the beneficiary:

• Beneficiary's Name
• Beneficiary's Account Number
• Beneficiary's Bank Name
• Beneficiary's Branch Name
• IFSC (Indian Financial System Code) of the beneficiary's bank branch. The IFSC is an 11-digit alphanumeric code that uniquely identifies a bank branch for electronic funds transfers.

 

How to Use the Service

You can typically use the RTGS/NEFT facility through the bank's branch by filling out a transfer form. For digital transactions, you may be able to use the bank's internet banking or mobile banking platforms after registering the beneficiary's details.

Note: For specific details regarding service charges and precise timings, please contact your branch of Universal Co-Operative Urban Bank Ltd. or check the official bank website for the most up-to-date information.