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RTGS - 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 any 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 2.00 lac. There is no upper ceiling for RTGS transactions. RTGS eliminates settlement risk.
The system has also stabilized over the years and has been witnessing increased coverage in terms of bank branches and transaction volume. The volume of RTGS transactions is increasing rapidly.
NEFT - National Electronic Fund Transfer
NEFT is an 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.
Charges For RTGS/NEFT
| Sr No | Transaction Type | Amount Range | Charges + GST |
|---|---|---|---|
| 1 | NEFT | SB | NIL |
| 2 | NEFT | Upto Rs.10,000 | NIL |
| 3 | NEFT | Above Rs.10,000 upto Rs.1 Lakh | Rs.5/- per transaction |
| 4 | NEFT | Above Rs.1 Lakh upto Rs.2 Lakh | Rs.15/- per transaction |
| 5 | NEFT | Above Rs.2 Lakh | Rs.25/- per transaction |
| 6 | RTGS | SB | NIL |
| 7 | RTGS | Above Rs.2 Lakh upto Rs.5 Lakh | Rs.25/- per transaction |
| 8 | RTGS | Above Rs.5 Lakh | Rs.50/- per transaction |
List of IFSC Codes under Sub-Membership of HDFC Bank
| Bank Name | IFSC Code | Branch | MICR |
|---|---|---|---|
| HDFC BANK LTD | HDFC0CGUB03 | The Goa Urban Coop Bank Limited - PANAJI | 403416003 |
| HDFC BANK LTD | HDFC0CGUB07 | The Goa Urban Coop Bank Limited - MARGAO | 403416007 |
| HDFC BANK LTD | HDFC0CGUB09 | The Goa Urban Coop Bank Limited - PONDA | 403416009 |
| HDFC BANK LTD | HDFC0CGUB10 | The Goa Urban Coop Bank Limited - CURCHOREM | 403416010 |
| HDFC BANK LTD | HDFC0CGUB08 | The Goa Urban Coop Bank Limited - VASCO | 403416008 |
| HDFC BANK LTD | HDFC0CGUB13 | The Goa Urban Coop Bank Limited - CAVELOSSIM | 403416013 |
| HDFC BANK LTD | HDFC0CGUB04 | The Goa Urban Coop Bank Limited - MARKET | 403416004 |
| HDFC BANK LTD | HDFC0CGUB05 | The Goa Urban Coop Bank Limited - MALA | 403416005 |
| HDFC BANK LTD | HDFC0CGUB17 | The Goa Urban Coop Bank Limited - CANACONA | 403416017 |
| HDFC BANK LTD | HDFC0CGUB11 | The Goa Urban Coop Bank Limited - PORVORIM | 403416011 |
| HDFC BANK LTD | HDFC0CGUB02 | The Goa Urban Coop Bank Limited - HO BR | 403416002 |
| HDFC BANK LTD | HDFC0CGUB18 | The Goa Urban Coop Bank Limited - MAPUSA | 403416018 |
| HDFC BANK LTD | HDFC0CGUB14 | The Goa Urban Coop Bank Limited - CUNCOLIM | 403416014 |
| HDFC BANK LTD | HDFC0CGUB06 | The Goa Urban Coop Bank Limited - MIRAMAR | 403416006 |
| HDFC BANK LTD | HDFC0CGUB19 | The Goa Urban Coop Bank Limited - MADEL | 403416019 |
| HDFC BANK LTD | HDFC0CGUB15 | The Goa Urban Coop Bank Limited - BAINA | 403416015 |