Real Time Gross Settlement is a funds transfer mechanism where transfer of money takes place from one bank to another on ‘real time’ and on ‘gross basis’. This is the fastest possible mode of money transfer through bank channel ‘available in India. Presently, there are over 45000 bank branch enabled for remitting and receiving funds through RTGS. RTGS is primarily for large value remittances. The minimum amount to be remitted through RTGS is Rs.2.00 lakhs and above.

The customer intending to remit money through RTGS has to submit an application with particulars of IFSC ( Indian Financial System Code) of the beneficiary Bank/Branch, full account number and name of the beneficiary.

Sreenidhi Bank offers RTGS facility to its customers through its branches.

RTGS remittance service for customer transactions is available from 9:30 am to 5:00 pm an all Bank working days. Under this facility money will be credited to the beneficiary account instantly on ‘real time’ basis

NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts in over 63000 bank branches across the country This is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances. Customers can remit any amount using NEFT

Customer intending to remit money through NEFT has to furnish particulars of IFSC (Indian Financial System Code) of the beneficiary Bank/Branch, full account number and name of the beneficiary.

Customers can use this facility between 9 AM and 7 PM on all weekdays and between 9 AM and 1 PM on Saturday. There are eleven hourly settlements between 9 AM and 7 PM on all weekdays and five hourly settlements between 9 AM and 1 PM on Saturdays.

The money will be credited to the beneficiary’s account on the same day or at the most next day in case the message is sent during the last batch of settlement.

Sreenidhi Bank offers NEFT facility to its customers through its branches.