In the month November 2013 Samarth Bank made the tie up with ICICI bank for settlement of RTGS/NEFT/Fund Transfer. Aftr that Samarth Bank got his own IFSC code from RBI i.e. SBLS0000001. In this Ifse code ‘0’ stands for zero. This help us to give fastest service to our customer.

RTGS mean Real Time Gross Settlement. RTGS system is a Fund Transfer mechanism where transfer of money takes place from one bank to another on Real Time and on Gross basis. This is the very fast possible money transfer system through the banking channel. In RTGS there no any waiting period for settlement of transaction.  The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 Lakh. There is no any Upper limit set for RTGS transactions.

NEFT means National Electronic Funds Transfer This is nationwide Fund Transfer system to facilitate transfer of Funds from any branch bank to any other bank branch. Funds transfer transactions are settled in batches as opposite to RTGS gross settlement. The beneficiary gets the credit on the same Day or next Day depending on the time of batch settlement.

Transaction Amount NEFT RTGS
Upto 10000 Rs 2.50 + GST N/A
10,001 to 1,00,000 Rs 5.00 + GST pm N/A
1,00,001 to 2,00,000 Rs 15 + GST N/A
2,00,001 to 5,00,000 Rs 25 + GST Rs 25 + GST
5,00,001 and Above Rs 50 + GST Rs 50 + GST

Timings for RTGS & NEFT Through Counter 

Transaction Times NEFT RTGS
Monday To Friday 10.30 am to 5.30 pm 10.30 am to 5.30 pm
Saturdays ( First ,Third and Fifth Saturday ) 10.30 am to 5.30 pm 10.30 am to 5.30 pm

Amount Limit

Transaction Amount Limit NEFT RTGS
Minimum Re. 1 Rs. 2 lakh
Maximum No limit No limit

Following Some Important things to be done before doing RTGS & NEFT-:

  • Transaction Type NEFT/RTGS
  • Amount to be Transferred
  • Name Of the Beneficiary Bank
  • Name Of the Beneficiary Customer
  • Complete account number of the beneficiary customer
  • Information of sender to Receiver
  • The most IMP IFSC code of the receiving branch