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RTGS (Real Time Gross Settlement)

Real Time Gross Settlement (RTGS) is a technology based initiative for improvement of Payment & Settlement System linked to the funds management. RTGS is a gross settlement in which both processing and final settlement of funds transfer instructions take place continuously i.e. in real time and transfers are settled individually against the present clearing system. RTGS settles payments on a transaction basis instead of on net settlement basis adopted presently at clearing houses. The funds transfer through RTGS is instant, final and irrevocable.

It is a remittance solution to both corporate customers and individual customers for transfer of funds from their accounts with us to other customers of other bank branches, which are RTGS, enabled.

  • The product is operative only in RTGS enabled CBS branches. At present our 2694 branches are RTGS enabled.  Click here to get a list of our RTGS branches.
  • At present customer transaction of Rs. 2.00 lakh and above are allowed under RTGS.

Revised charges for RTGS fund transfer w.e.f. 15.11.2010 are as follows:

Outward* :
Range Transaction Charge
Rs. 2 lakh to Rs.5 lakh Rs. 25/- per transaction + 'applicable taxes'
Rs. 5 lakh and above Rs. 50/- per transaction + 'applicable taxes'


Inward*  : 
Transaction Charge
No Charges
* Subject to change from time to time
Transaction hours for RTGS Service is as below:
Days Timing
Monday to Friday 9.00 AM to 4.30 PM
Saturday 9.00 AM to 13.30 PM
NEFT (National Electronic Funds Transfer)

National Electronic Funds Transfer is a nation wide transfer of funds from any bank branch to any other bank branch. The beneficiary gets the credit on the same day or the next day depending on the time of settlement.

The essential information that the remitting customer has to furnish is:

  • Beneficiary details such as beneficiary name and account number.
  • Name and IFSC of the beneficiary bank branch.
  • Remitters mobile number or e-mail address.

All the banks print IFSC on cheque leaves issued to their customers. Remitter may also contact the branch and get the IFS Code of that branch.

Primarily, NEFT is an account to account funds transfer system. Even customers not maintaining an account with an NEFT bank, can remit funds upto Rs. 50,000/- to credit of another bank account.

The system can be used only for remitting Indian Rupee among the participating banks within the country.

NEFT between NRI accounts is subject to applicability of provisions of FEMA.

There is no value limit for individual transactions.

Outward* :
Range Transaction Charge
Upto Rs.1 lakh NIL
Rs. 1 lakh to Rs 2 lakh Rs. 15 /- per transaction + 'applicable taxes'
above Rs 2 lakh Rs. 25/- per transaction + 'applicable taxes'
Inward* :
Transaction Charge
No Charges
* subject to change from time to time
Transaction hours for NEFT Service is as below:
Days Timing
Monday to Friday 8.00 AM to 6.30 PM
Saturday 8.00 AM to 12.30 PM

Customers can effect NEFT transactions through Branch window upto the branch timings and can make use of other delivery channels like net banking up 6.30 pm.The product is operative only in NEFT enabled CBS branches. At present available in 2854 of our branches. Click here  for a list of our NEFT Branches


Electronic Payments and Settlement Office (EPSO)
Second Floor,
Syndicate Bank Building,
#26, Sir P.M.Road,
Fort, Mumbai - 400001

Telephone Numbers : 022 - 22653157, 022 - 22653158
Fax : 022 - 22653156
Email ID : epso@syndicatebank.co.in

EFT (Electronic Funds Transfer)

The Electronic Funds Transfer (EFT) System was introduced by the Reserve Bank of India in 1995 for quick movement of funds between different Banks for the Bank Customers. The scheme is available for transfer of funds across the Banks. At present  Reserve Bank of India manages the Clearing Houses in 15 centres  namely Ahmedabad, Bangalore, Bhubaneshwar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Kolkata, Mumbai, Nagpur, New Delhi, Thiruvananthapuram and Patna.

The EFT system works on the principle of "NEXT DAY AVAILABILITY OF FUNDS" i.e. the beneficiary gets the funds credited to his account on the very next day, within 24 hours. This is a big boon to customer service since under the paper - based cheque payment system, a customer depositing an outstation cheque for collection receives credit to his account after 1-2 weeks time, depending upon the destination.

It is hoped that the enhancement in the limit of amount of individual transactions under the EFT Scheme would be beneficial for the banks' customers and will go a long way in improving customer service in the banks.

Salient Features:

  • Fast remittance facility - Credit is afforded within 24 hours.
  • Any number of remittances per day is permitted.
  • Amount is directly credited to beneficiary account.
  • Scope for frauds involving processing of paper instruments is absent.
  • Built in security.
  • Click here to view/download our service charges details.
NECS (National Electronic Clearing Service)
National Electronic Clearing Service is centralised processing of repetitive and bulk payment instructions. NECS facilitates sponsor banks to submit ECS files centrally at Mumbai. As of now, NECS operates on a T+1 cycle ('T' refers to the date on which ECS files are processed by ECS centre. Credit or Debit to beneficiary accounts at destination banks is on the next working day)
Accepting Files Timing
Weekdays 6.00 PM
Saturday 2.00 PM
Cut-off time for accepting NECS files:
Returns Timing
Weekdays 5.30 PM
Saturday 4.30 PM
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