Banking FAQs about NEFT, RTGS Transactions charges,timings, limits And about IFSC, MICR codes

  1. What is IFSC, where it is used ?
  2. How to find the IFSC code of the branch?
  3. What is MICR code, where it is used ?
  4. How to find the MICR code of the branch?
  5. What is RTGS ?
  6. What is NEFT ?
  7. What is the minimum/maximum amount for RTGS/NEFT transactions?
  8. When do the beneficiary get the credit for a RTGS payment?
  9. When will the beneficiary get the credit for a NEFT payment?
  10. If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?
  11. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
  12. What to do In case of non-credit or delay in credit to the beneficiary account for NEFT transaction?
  13. At what time the RTGS & NEFT services are available?
  14. What are all the information required to make an RTGS & NEFT payment?
  15. Do all bank branches in India provide RTGS & NEFT services?
  16. What are the service charges applicable for RTGS/NEFT transactions?

  1. What is IFSC, where it is used ?

  2. IFSC stands for Indian Financial System Code . The Payment System Applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed by the Reserve Bank of India use these codes.

    The IFSC code consists of 11 Characters : (e.g SBIN0000987)
    First 4 characters represent the Bank name (SBIN0000987)
    Fifth position has been defaulted with a '0' (Zero) for future use (SBIN0000987)
    Last 6 character denotes the branch identity (SBIN0000987 )
    IFSC is being identified by the RBI as the code to be used for various payment system projects within the country, and it would, in due course, cover all networked branches.

  3. How to find the IFSC code of the branch?

  4. If IFSC code is not known, use this link, to get IFSC code of any bank branches in India

  5. What is MICR code, where it is used ?

    MICR stands for Magnetic Ink Character Recognition. This is a 9 digit code to identify the location of the bank branch. The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme. The MICR Code allotted to a bank branch is printed on the MICR cheques issued by bank branches.

    The MICR code consists of 9 Characters : (e.g 600002066)
    First 3 characters represent the city (600002066 )
    Next 3 characters represents the bank (600002066)
    Last 3 character denotes the branch identity (600002066 )

  6. How to find the MICR code of the branch?

    If MICR code is not known, use this link, to get MICR code of any bank branches in India

  7. What is RTGS ?

    RTGS- Real Time Gross Settlement. This is the one of the Inter Bank fund transfer method, which enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer RTGS and NEFT. Both of these systems are maintained by Reserve Bank of India.
    RTGS is a system where the processing of funds transfer instructions takes place in real time. Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
  8. What is NEFT ?

    NEFT- National Electronic Fund Transfer. This is the one of the Inter Bank fund transfer method, which enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer RTGS and NEFT. Both of these systems are maintained by Reserve Bank of India.
    NEFT is system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS.
    Presently, NEFT operates in hourly batches
    • from 8 am to 7 pm on week days
    • and 8 am to 1 pm on Saturdays.
    For availing this facility please contact your Bank. This NEFT/REGTS facility can be utilised by NetBanking or at Bank Branches.
  9. What is the minimum/maximum amount for RTGS/NEFT transactions?


    The transaction limit for NEFT/RTGS under Retail Internet Banking is
    Fund Transfer Method Minimum Maximum
    RTGS Rs.2 Lakhs Rs.5 Lakhs
    NEFT No Minimum Rs.5 Lakhs

    The minimum/maximum amount for RTGS/NEFT transactions under Corporate Internet Banking is
    Fund Transfer Method Minimum Maximum
    RTGS Rs.2 Lakhs Rs.50 lakhs for Business and
    Rs.500 crores for Non-business
    NEFT No Minimum Rs.50 lakhs for Business and
    Rs.500 crores for Non-Business

    Note : These limits may changes with out prior notice. Please ensure these from your bank.

  10. When do the beneficiary get the credit for a RTGS payment?

    Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

  11. When will the beneficiary get the credit for a NEFT payment?

    NEFT operates in hourly batches.

    Currently there are
    • twelve settlements from 8 am to 7 pm on week days and
    • six settlements from 8 am to 1 pm on Saturdays.

    The beneficiary can expect to get the credit for the transactions,
    • between 8 am to 5 pm on weekdays
    • between 8 am to 12 noon on Saturdays
    on the same day.

    For transactions settled in the
    • after 6 pm on week days and
    • after 1 pm on Saturday
    the credit will be either on the same day or on the next working day.
  12. If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?

    Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the beneficiary's bank will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.
  13. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

    Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the the beneficiary's bank will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

  14. What to do In case of non-credit or delay in credit to the beneficiary account for NEFT transaction?

    Please contact your bank/branch or the destination bank/branch or the Customer Facilitation Service Centre of the banks

  15. At what time the RTGS & NEFT services are available?


    RTGS transactions are sent to RBI as per the following schedule:

    Day Start Time End Time
    Monday to Friday 9:00 hrs 16:30 hrs
    Saturday 9:00 hrs 13:30 hrs

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

    Day Start Time End Time Batch Timings No. of Settlements in a day
    Monday to Friday 7:00 hrs 18:30 hrs at 08:00, 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs. 12 settlements
    Saturday 7:00 hrs 12:30 hrs at 08:00, 09:00, 10:00, 11:00, 12:00 and 13:00 hrs. 6 settlements

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

  16. What are all the information required to make an RTGS & NEFT payment?

    For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:

    • Amount to be remitted
    • Account number of the Remitter, which is to be debited
    • Name of the beneficiary
    • Name of the beneficiary bank
    • Account number of the beneficiary, which is to be credited
    • IFSC code of the beneficiary bank branch
    • Additional remarks, if any
  17. Is all bank branches in India provide RTGS & NEFT services?

    No. RTGS and NEFT services are enabled only in specific bank branches across the country. You have to verify this facility in Beneficiary bank.

  18. What are the service charges applicable for RTGS/NEFT transactions?


    RTGS Transaction charges
    Time of settlement at the Reserve Bank of India Charges per Transaction for Outward Transactions
    From To
    09:00 Hours 12:00 Hours Rs. 2 lakhs to
    Rs. 5 lakhs
    Rs. 25/-
    Above Rs. 5 lakhs Rs. 50/-
    After 12:00 Hours 15:30 ( 13:00 hrs on Saturday hours) Rs. 2 lakhs to
    Rs. 5 lakhs
    Rs. 26/-
    Above Rs. 5 lakhs Rs. 51/-
    After 15:30 Hours 16:30 hrs ( On week days) Rs. 2 lakhs to
    Rs. 5 lakhs
    Rs. 30/-
    Above Rs.5 lakhs Rs.55/-

    Note : These Transaction charges may change without prior notice. Contact your bank for updated information.


    NEFT Transaction charges
    Amount Service Charge
    From To
    Rs. 1/- Rs. 10,000/- Rs. 2.50/-
    Rs. 10,001/- Rs. 1 Lakh Rs. 5/-
    Above Rs. 1 lakh Rs. 2 lakhs Rs. 15/-
    Above Rs. 2 lakhs Any Amount Rs. 25/-