45.🔹 NEFT (National Electronic Fund Transfer)

• NEFT 24×7 उपलब्ध है और 16 दिसंबर 2019 से सभी दिनों में चलता है।
• NEFT में भुगतान Half Hourly Batches में होता है।
• प्रतिदिन 48 Half Hourly Settlements होते हैं।
• NEFT में कोई Minimum या Maximum Limit नहीं है।
• NEFT Deferred Net Settlement (DNS) प्रणाली पर आधारित है।
• NEFT केवल Customer Account से Customer Account के लिए होता है।
• NEFT में Customer Transaction के लिए N06 Message भेजा जाता है।
• NEFT बिना बैंक खाता वाले व्यक्ति द्वारा भी किया जा सकता है (₹50,000 तक)।
• NEFT में 2 घंटे से अधिक देरी होने पर बैंक को Repo Rate + 2% पेनल इंटरेस्ट देना होता है।
• NEFT से NRE और NRO Account में ट्रांसफर संभव है (FEMA के अधीन)।

🔹 NEFT Charges (Branch)

• NEFT Inward Transaction पर कोई चार्ज नहीं।
• ₹10,000 तक NEFT Outward Charge – ₹2.50 + GST
• ₹10,000–₹1 लाख – ₹5 + GST
• ₹1–₹2 लाख – ₹15 + GST
• ₹2 लाख से ऊपर – ₹25 + GST

🔹 RTGS (Real Time Gross Settlement) – One Liners

• RTGS की शुरुआत मार्च 2004 में RBI ने की।
• RTGS में भुगतान Real Time और Gross Basis पर होता है।
• RTGS का भुगतान Final और Irrevocable होता है।
• RTGS की Minimum Limit ₹2 लाख है।
• RTGS में कोई Maximum Limit नहीं है।
• RTGS 24×7×365 14 दिसंबर 2020 से उपलब्ध है।
• RTGS में Beneficiary Bank को 30 मिनट में क्रेडिट करना होता है।
• RTGS में देरी पर Repo Rate + 2% मुआवजा मिलता है।
• NG-RTGS ISO 20022 Standard पर आधारित है।

🔹 RTGS Message Types

• NCP (R41) – Customer Account से भेजा गया भुगतान।
• NIP (R42) – Interbank Payment, इसमें Customer Account Debit नहीं होता।

🔹 RTGS Charges (Branch)

• RTGS Inward – Free
• ₹2–₹5 लाख – ₹25 + GST
• ₹5 लाख से ऊपर – ₹50 + GST

🔹 IMPS (Immediate Payment Service) – One Liners

• IMPS एक Real Time Interbank Fund Transfer System है।
• IMPS 24×7×365 उपलब्ध है।
• IMPS की शुरुआत 2010 में हुई।
• IMPS का संचालन NPCI द्वारा किया जाता है।
• IMPS में अधिकतम सीमा ₹5 लाख प्रति ट्रांजैक्शन है।
• SMS/IVR से IMPS की सीमा ₹2 लाख है।

IMPS के प्रकार

• P2A – Account Number + IFSC द्वारा।
• P2P – Mobile Number + MMID द्वारा।

🔹 IFSC & UTR – One Liners

• IFSC एक 11 Character Alpha-Numeric Code है।
• IFSC का Format – Bank Code (4) + 0 + Branch Code (6)
• IFSC NEFT और RTGS में Branch पहचानने के लिए उपयोग होता है।
• UTR एक Unique Transaction Reference Number है।
• NEFT में UTR 16 या 22 Character का होता है।
• RTGS में UTR 22 Character का होता है।

🔹 LEI (Legal Entity Identifier)

• ₹50 करोड़ या उससे अधिक की NEFT/RTGS Transaction में LEI Mandatory है।
• LEI केवल Non-Individual Entities के लिए अनिवार्य है।
• LEI 20 Digit का यूनिक कोड होता है।

🔹 Demand Draft (DD) – One Liners

• ₹20,000 या उससे अधिक का DD Account Payee होना अनिवार्य है।
• ₹50,000 या अधिक का DD Cash में जारी नहीं किया जा सकता।
• 15 सितंबर 2018 से DD पर Purchaser Name लिखना अनिवार्य है।
• DD केवल एक बार Revalidate किया जा सकता है।
• Lost DD का Duplicate 14 दिन में जारी किया जाना चाहिए।
• DD Bearer में Payable नहीं होता (RBI Act 1934, Sec 31)।

🔹 MICR Code – One Liners

• MICR एक 9 Digit Code होता है।
• MICR का अर्थ – Magnetic Ink Character Recognition।
• MICR के पहले 3 अंक – City Code।
• अगले 3 अंक – Bank Code।
• अंतिम 3 अंक – Branch Code।
• MICR का उपयोग Cheque Processing में होता है।

🔹 SWIFT Code – One Liners

• SWIFT का पूरा नाम Society for Worldwide Interbank Financial Telecommunication।
• SWIFT Code 8 से 11 Characters का होता है।
• SWIFT का उपयोग International / Cross-Border Transfer में होता है।
• SWIFT में Bank Code, Country Code, Location Code और Branch Code शामिल होते हैं।

Truegyan

Ancillary Services

Govt Business
Fund Remittance
CTS
EFT
Plastic money
Lockers
Merchant banking
Lease Financing etc

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Truegyan

This chapter We will study

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Like, Share & Subscribe - Truegyan Remittance of Funds — National Electronic Fund Transfer(NEFT)

NEFT - Timings & Transaction Amount

**» NEFT operates on half hourly batches and facility is available on 24X7 basis (i.e. all days of the year including holidays) from 16th December 2019.

**» Every day Forty Eight (48) half hourly settlements are carried out during the day by RBI. The settlement of first batch commences after 00.30 hours and the last batch will end at 00.00 hours.

» Transaction Amount: No minimum & maximum ceiling for transaction amount.

» Transaction Type : The outward transactions are transmitted through N06 Messages. The messages are to be sent on behalf of the customers in which the debit a/c has to be a customer account

✓ NEFT is only for fund transfer on behalf of the customers.

✓ NEFT works on deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time.

» Can the NEFT system be used for remitting funds even by those who do not have a bank account ?

» By furnishing additional details such as complete address, telephone number, etc. Such cash remittances will, however, be restricted to a maximum of ₹50,000 per transaction.

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NEFT — Service Charges ( Through Branches)

Tran Type	Transaction Amount	Charges
INWARD TRANSACTIONS		Free
OUTWARD TRANSACTIONS	Up to Rs. 10,000/-	Rs.2.50/- + GST
	Above Rs.10,000/- to Rs.1.00 Lac.	Rs.5/- + GST
	Above Rs.1.00 Lac and up to Rs.2.00 Lac	Rs.15/- + GST
	Above Rs.2.00 Lac	Rs.25/- + GST

» NEFT Service Charges through Internet Banking Service (IBS) and Mobile Banking Service (MBS) is Individual bank can decides.

» NEFT can be used to transfer funds from / to NRE and NRO accounts in the country. This, however, is subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.

✓ If the NEFT transaction is not credited or returned within two hours after batch settlement, then the bank is liable to pay penal interest to the affected customer at the current RBI LAF Repo rate plus 2% for the period of delay / till the date of credit or refund, as the case may be, is afforded to the customers' account without waiting for a specific claim to be lodged by the customer in this regard.

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**» Increase in the ceiling per transaction from ₹50,000 to ₹2 lakh.

**» Removal of the cap of 12 remittances in a year per remitter.

**» As hitherto, banks shall accept remittances by way of cash from walk-in customers or non-customers. The ceiling of ₹ 50,000 per remittance with a maximum of 12 remittances in a year shall, however, continue to apply for such remittances.

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Like, Share & Subscribe - Truegyan Remittance of Funds — Real Time Gross Settlement (RTGS)

» RTGS is implemented by Reserve Bank of India in March 2004 with a view to make inter bank payment more secure & fast.

**» Each transaction is settled individually.

**» Once the transaction is processed it is taken as final and irrevocable.

**» This is one of the fastest possible Inter Bank money transfer system through Banking Channel.

**» The minimum amount for RTGS transaction is ₹2 lacs , no upper or maximum ceiling.

» RTGS (NG-RTGS went live on October 19, 2013) built on the ISO 20022 standards with advanced features.

» Under normal circumstances The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message.

» In case of any delay in returning the failed payment (within one hour of receipt of the payment at the Payment Interface (PI) or before the end of the RTGS Business Day, whichever is earlier), the originating customer is eligible to receive compensation at current repo rate plus 2%.

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Type of messages sent through RTGS - RTGS outward messages sent by the branches are of following two Types

1. NCP messages ( Normal Customer Payment Request ) ( R 41) i.e. the messages to be sent on behalf of the customers in which the debit a/c has to be a customer account.

2. NIP messages ( Normal Interbank Payment Request ) (R42) i.e. the messages to be sent by the Bank for Inter Bank Remittance purposes. In this type of message, the debit account can not be a customer account and it has to be an Office account.

» Timing of RTGS : RTGS transactions are available 24x7x365 wef December 14 , 2020.

✓ 'Real Time' means the processing of instructions at the time they are received; 'Gross Settlement' means that the settlement of funds transfer instructions occurs individually.

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RTGS - Service Charges ( Through Branches )

Tran Type	Transaction Amount	Charges
INWARD TRANSACTIONS		Free
OUTWARD TRANSACTIONS	Rs. 2 Lakh to Rs.5 Lakh	Rs.25/- + GST
	Above Rs. 5 Lakh	Rs.50/- + GST

» RTGS Service Charges through Internet Banking Service (IBS) and Mobile Banking Service (MBS) is can decides by individual bank.

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Like, Share & Subscribe - Truegyan Remittance of Funds — Concept of IFSC and UTR No. :

» IFSC ( Indian Financial System Code ) :- It is the uniform 11 character code used to denote destination branch in RTGS/NEFT. In case of PNB Bank, it is in the form of PUNB+0+six digit of Branch Sol Id e.g. PUNB0141310

**» [Bank(4) + Reserve (0) + SOL (6)]

» UTR No. ( Unique Transaction Reference No.) : -

It is a 16/ 22 characters unique transaction In case of NEFT
It is a 22 characters unique transaction no. generated by the system for a given NCP message in case of RTGS.

Legal Entity Identifier information

✓ All single payment transactions of ₹50 crore and above undertaken by entities (non-individuals) should include remitter and beneficiary LEI (20 digit) information. This is applicable to transactions undertaken through the NEFT and RTGS payment systems

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Like, Share & Subscribe - Truegyan Remittance of Funds — IMPS — Immediate Payment Service

» IMPS ( Immediate Payment Service ) offers a real time interbank electronic fund transfer service available on 24X7X365 basis and customers can remit funds to other banks, on real time basis.

» It was launched in 2010 by the Indian government and is facilitated by NPCI (National Payment Corporation of India).

» There are two types of IMPS transactions :

1) P2A ( Person to Account ) using Account number & IFSC where required details are Beneficiary Account Number and Beneficiary IFSC code or Bank & Branch as in the case of RTGS/NEFT.

2) P2P ( Person to Person ) using MMID & Mobile number where required details are Mobile Number of the Beneficiary and MMID ( Mobile Money Identifier which is a 7 digit unique number issued by Banks ).

» IMPS maximum limit Rs 5 lakhs per transaction. (SMS & IVR ₹2 lakh)

**» The charges for remittance through IMPS are decided by the individual member banks and PPIs. Please check with your bank or PPI.

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Like, Share & Subscribe - Truegyan Remittance of Funds — Demand Draft

**» Banks should ensure that demand drafts of Rs 20,000/- and above are issued invariably with account payee crossing.

**» Banks should ensure that any remittance of funds by way of demand drafts/mail transfers / telegraphic transfers or any other mode and issue of travellers cheques for value of Rs 50,000 /- and above is effected only by debit to the customer's account or against cheques or other instruments tendered by the purchaser and not against cash payment.

**» Wef September 15, 2018 the name of purchaser should be mentioned on face of All DD/BC.

**» A DD can be revalidated only once within One year from date of issue.

**» Duplicate DD to be issued within a Fortnight as per RBI Guidelines.

✓ Further, for the delay beyond this stipulated period, banks were advised to pay interest at the rate applicable for fixed deposit of corresponding maturity in order to compensate the customer for such delay.

**» Duplicate draft, in lieu of lost draft, up to and including Rs 5,000/- may be issued to the purchaser on the basis of adequate indemnity

**» A Demand draft can not be payable to bearer according to sec 31 of RBI Act 1934.

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Like, Share & Subscribe - Truegyan Remittance of Funds — NEFT vs RTGS vs IMPS

Basis	NEFT	RTGS	IMPS
Amount	Min : No limit<br>Max — No limit	Min — ₹2 lacs<br>Max — No limit	Max — ₹5 lacs
Settlement	Half hourly batches	Real time	Real time
Timing	24*7	24*7	24*7
Operated by	RBI	RBI	NPCI

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Like, Share & Subscribe - Truegyan MICR code

**» It is a 9 digit code

» MICR ( magnetic ink character recognition )

WHAT IS MICR?

Magnetic Ink Character Recognition code (MICR) is a technology that enables faster processing of cheques by recognizing unique characters printed on the cheque.

853 218 013

The first three digits of the MICR code represent the city
The next three give the bank code
And the last three digits denote the branch of the bank

Similar to an IFSC code,

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Like, Share & Subscribe - Truegyan SWIFT code

» SWIFT ( Society for worldwide interbank financial telecommunication code )

    Country Code    Branch Code
     2 Letters      3 Letters

UN CR IT MM XXX

  Bank Code    Location Code
  4 Letters    2 Letters

Bank's Name

Swift Code Consists of 8 to 11 characters

Bank Name (only letters)
Country Code (only letters)
Location Code (letters & digits)
Branch Code Optional (letters & digits)

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