RTGS / NEFT
Real Time Gross Settlement (RTGS)
The Udupi co operative town bank ltd has Sub membership for RTGS with Axis Bank. ”RTGS” stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. This is the very quickest possible money transfer system through the banking channel. Settlement in “real time” and the transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without clustering with any other transaction. As this money transfer takes place in the books of the Reserve Bank of India, the payment is considered as final and irrevocable.The minimum amount to be remitted through RTGS is 2.00 lac. There is no upper ceiling for RTGS transactions. RTGS eliminates settlement risk. The volume of RTGS transactions is increasing rapidly.
National Electronic Fund Transfer (NEFT)
The Udupi co operative town bank ltd has sub membership for NEFT with Axis Bank. NEFT is an electronic payment system to transfer funds from one account to another, between NEFT participant bank branches in India. in which transactions are settled in batches. It is a risk free, secure and reliable mode for transfer of funds of any amount.