Transferring money from one to another bank account can be done by different available money transfer tools like Internet Banking, UPI, Mobile Banking etc. But there is a limit of amount to be transferred from one to another account. So, if you want to send a hefty amount of money to the beneficiary account then you have to opt for RTGS or NEFT options of sending.
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What is Canara Bank RTGS/NEFT?
RTGS stands for Real-Time Gross Settlement while NEFT stands for National Electronic Funds Transfer. These are the two popular ways of transferring funds between different bank accounts. Both are supervised by RBI.
RTGS works on a real-time basis means the amount settles within 30 minutes of receiving the request. This is the fastest method of sending money over banks.
While NEFT works on a deferred settlement basis. In this method, the amount settles in batches in hourly time slots.
Note: RTGS is meant for large value transactions while there is no minimum limit for NEFT
Eligibility of RTGS/NEFT in Canara Bank
You must have Savings or Current account to avail the service of NEFT/RTGS. If you do not have a bank account you can also deposit cash at the NEFT-enabled branch but this amount is limited to a maximum of ₹ 50,000 per transaction.
What are the timings of Transaction Settlement
The timings for RTGS and NEFT are scheduled by the Canara bank as described here above.
Note: If you want to do online RTGS then you have to do it within the above mentioned time limits. But in the case of online NEFT, if you do the transactions beyond the prefixed time schedule, the funds will be automatically scheduled to be transferred on the next working day.
Application Form for Canara Bank RTGS/NEFT
Application Form for Canara Bank NEFT/RTGS can be received from the bank on any working day but if you want to download it directly to save your time you can download the Application Form for Canara Bank RTGS/NEFT easily by Canara Bank NEFT/RTGS Application Form.
How to fill Canara Bank RTGS Form Online?
- Firstly, you need to Sign in with your registered email address.
- Then you need to fill the Canara Bank RTGS form properly.
- After filling all the details you have to sign it electronically (E-sign).
- After that you have to save it and download it in pdf format.
Canara Bank helps its customers in resolving issues related NEFT/RTGS. It provides different approaches like Mailing address, Telephone Number, Fax number to solve their problems in less time. These ways are mentioned below.
Service Charges of Canara Bank for RTGS/NEFT
For an estimated value you should know that the NEFT charges do not exceed Rs. 25 for a single transaction and for RTGS it is Rs. 55 (both the amounts are including Tax). These charges are liable if you carried out through Canara Bank branch. If you proceed online then it will be less. Have a look on details services charges list provided by the Canara Bank.
Frequently Asked Questions
Q1. What does Inter Bank Transfer mean?
Ans : If you are transferring funds from Canara Bank branch to any other bank branch it is called Inter Bank Transfer.
Q2. What are the limits of amount which can be sent by RTGS /NEFT ?
Ans: In RTGS minimum amount which can be sent is Rs. 2 lakh. There in no bar for maximum amount in RTGS. And for NEFT there is no such limit of minimum and maximum amount.
Q3. What are the necessary details which I have to provide during RTGS/NEFT?
Ans: These are some details which you have to provide during NEFT and RTGS remittance:
1. Amount to be transferred.
2. Your debited account number.
3. Beneficiary’s Name, Bank ,Account number and IFSC Code.
4. Your Mobile number/email id.
Q4. Would I get money back if it is not credited to the sender’s account and When?
Ans: Yes, if due to any reason like account does not exist, account is frozen and so on, transaction is not completed then the funds will be credited to sender’s account within an hour.
Q5. Is RTGS service available in all bank branches in India?
Ans:. Yes, RTGS is available in all the bank branches in India.
Q6. For transferring funds from / to NRE and NRO accounts can NEFT be used ?
Ans: Yes, you can use NEFT for transferring funds from/or to NRE and NRO accounts.
Q7. An RTGS Can be scheduled in advance?
Yes, you can scheduled RTGS transactions in advance.
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