How To Transfer Money From One Bank To Another via RTGS or NEFT?

NEFT & RTGS

Both are the latest trend of transferring money from one bank to other... now due to this development we don’t need to take cash from one bank branch to another nor we have to make DD and submit it or carry it to other bank both are interbank transfer, only difference between them are RTGS is for more than Rs 200000/-(Two Lakh) and its settlement is done in a hr but it NEFT transfer takes time of few hrs.

Abbreviation

NEFT-  National Electronic Fund Transfer

RTGS-Real Time Gross Settlement

Following things are minimum requirement for NEFT

Amount-
 The amount that you have to transfer from one bank to another

Account number-
 The account number of beneficiary i.e. the person whom you have to send the money from NEFT or RTGS

Name-
 Name of beneficiaries in whose account the money is to be transferred. That should be mentioned in caps to be more clear

Bank and Bank branch name-
 The bank name in which beneficiary have his account and the branch name of the same- that is generally its address

IFSC code-
 IFSC code of Bank's Branch where beneficiary has the account(IFSC is normally of 11 digit alpha numeric code e.g.  CNRB0000257 it is different for every bank’s branch)

For making NEFT/RTGS one need only to mention all these details in voucher of NEFT/RTGS With cheque of your own A/C or cash and submit it in your bank or from where you want to make transfer.