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NEFT / RTGS

Real Time Gross Settlement (RTGS)

  • The Bank offers its customers instant transfer of funds to other banks (Inter Bank). This is made possible through Real Time Gross Settlement (RTGS) System, which is an online system set up, operated and maintained by Reserve Bank of India to enable funds settlement on real-time basis across banks in the country. The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is the fastest possible money transfer system through the banking channel. 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 RTGS service window for customer's transactions is available from 9.00 hours to 16.30 hours on week days and from 9.00 hours to 14.00 hours on Saturdays.
Days Customer Transaction Interbank Transaction
Monday to Friday 10:00 am to 15:45 hours 10:00 am to 16:00 hours
Saturday 10:00 am to 12:45 hours 10:00 am to 13:00 hours

SERVICE CHARGES FOR RTGS

i) Outward Remittance :

  Value Band Revised Charges w.e.f. 08/11/2012
RTGS Above Rs 2 lakhs Rs 80.00 per transaction + Service tax

ii) Inward Remittance : NIL

National Electronic Fund Transfer (NEFT)

1. RBI has introduced this funds transfer systems called RBI-NEFT System.

This is an Inter-bank electronic funds transfer system to facilitate an efficient, secure, economical, reliable and expeditious transfer of funds and clearing in the Banking sector in India.

The account holders with the branch can use the NEFT facility which is available between all the Cities and the designated branches of Banks 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 up to 200000/-

2. No Minimum amount stipulation for NEFT transactions

Service Charges for NEFT:

i) Outward Remittance :

  Value Band Charges
1 Amounts upto 100,000/- 15
2 Amounts from 1,00,001/- to 2,00,000/- 40

(Service tax & Education Cess extra)

(ii)Inward Remittance : NIL

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About Jain Bank

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  • The JAIN Cooperative Bank Ltd. offer AADHAR card enabled service. All Customers are advised to link their aadhaar card no. to their Saving Account for receiving GAS and other subsidy from Govt. of India.

  • To avoid inconvenience all the customers are advised to furnish their 12 digit Account number properly for receiving NEFT/RTGS and Govt. Subsidy.

  • As per the RBI Direction and mandatory change made in CTS clearing, all customers are advised to get replaced their old cheque books with new CTS-2010 Standard Cheque Books.

  • Mobile SMS Alert Facility is available to Customers.

  • In terms of provisions of Prevention of Money Laundering Act, 2002(PMLA) and Reserve Bank of India (RBI) guidelines, all customers are advised to submit their KYC Documents into their respective branches to avoid any inconvenience.

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