Sending money to your loved ones is not stressful anymore as we make borders seem seamless. At Shivalik Bank, we believe that remittances are equal to sending love to your loved ones for purposes, which require immediate attention and we understand your needs more than anyone else..
The acronym "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 fastest possible money transfer system through the banking channel. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed.
"Gross Settlement" means the transaction is settled on one to one basis without bunching with nay other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable. The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 lacs. There is no upper ceiling for RTGS transactions. RTGS eliminates settlement risk.
NEFT is an nationwide electronic payment system to transfer funds from one account to another, between NEFT participant bank branches in India. The NEFT system operates on a deferred net settlement basis(DNS), in which transactions are settled in batches. It is a risk free, secure and reliable mode for transfer of funds of any amount, in which more than 75,000 branches of 100 Banks participate.