Friday, March 29th, 2024

What are the things to be kept in mind before transferring money through NEFT-RTGS? Learn here all the information related to this


Photo: File Know this before transferring money through NEFT-RTGS

NEFT-RTGS is used by all of us. In the world of banking, NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) are the most convenient means of transferring money to other accounts. Many times it happens that we send money to our friend and relative and it does not reach all the time. Do you know that if the beneficiary does not get the money on time from NFT-RTGS, then you can recover the penalty from the bank. Under the rules of the Reserve Bank of India (RBI), if there is a delay in reaching the money, then the bank has to pay a penalty.

NEFT Rules

According to the rules of the Reserve Bank of India, if money is sent to someone through NEFT, then the money should be deposited in the beneficiary’s account within 2 hours. If this does not happen, the bank will have to pay interest as a penalty to the affected customer. This interest will start accruing from the day the money was sent. The interest will have to be paid till the bank issues the refund to the customer. 2 percent interest has to be paid with the current RBI LAF repo rate. RBI’s LAF repo rate is currently 4.90 per cent, in which after adding 2 per cent interest, a penalty of 6.90 per cent will have to be paid in the customer’s account.

PressWire18 provides latest news, bollywood news, breaking news hollywood, top tech news, business standard news, indian economy news, world economy news, travel news, mumbai news, latest news mumbai loksabha election 2024, video viral news, delhi news, Only at Only at Presswire18.com

RTGS rule

The rule of RTGS says that it should be transferred in the real time of sending the money. There is also a rule that the bank to which the money is transferred to the beneficiary has to deposit the money in the beneficiary’s account within half an hour. If this does not happen, the bank has to return the money to the sender’s account within one hour of the money transfer. If the money is not returned, there is a provision for penalty in RTGS also. The penalty rule is the same as NEFT. That is, the bank will have to pay 2 percent interest to the customer along with the LAF repo rate.

How and where to complain

Complaint of money not being transferred within the stipulated time, the customer can file a complaint by visiting the bank, by calling the helpline or by mail. While complaining, you must give complete information about the transaction. The customer must mention the UTR number in his complaint.

latest business news



Know about HDFC MF Schemes before investing in this financial year

Photo: CANVA Know about HDFC Mutual Fund schemes for investment HDFC MF Schemes: In this financial year, many people invest in different places. These include property apart from mutual funds, gold, silver and FDs....

Everything from tax filing and transactions to your business will be banned, only 4 days are left for these 13 crore people

Photo: File Only 4 days are left for these 13 crore people Pan Card Last Date: The month of March is about to end. From LPG to milk price and many rules of government...

Multibagger Stock: Today the stock of this company jumped by more than 5%, has continuously given excellent returns to the investors.

Mumbai: Amidst the boom in the stock market, there has been a jump in the stock of many companies. One such stock is that of NRB Bearings Limited. The shares of this small-cap company...