NEFT/RTGS

National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) allow individuals, companies and firms to transfer funds from one bank to another. You can check the RBI website for a list of NEFT and RTGS-enabled branches of your bank.

These facilities can only be used for transferring money within the country. To opt for these, you need to fill a form providing your or the beneficiary’s details — name, bank branch where the account is held, the Indian Financial System Code (IFSC), a unique code for identifying the branch, and the account number and type. You have to submit a cheque while opting for this facility. You can also transfer funds through net banking. These are third-party transfers and the option is available under the same header on your net banking home page.