Real Time Gross Settlement (RTGS)

Real Time Gross Settlement (RTGS) System is set up, operated and maintained by Reserve Bank of India to enable funds settlement on real-time basis across Banks in the country. GS Mahanagar Co-op. Bank Ltd is a member of RTGS with all its branches offering this facility.

The main benefit of the RTGS is that the payee Bank and their customers receive funds with certainty, or so-called finality, during the day, enabling them to use the funds immediately without exposing themselves to risk.

You can now remit money to any of the over 62,000 designated bank branches all over India which will reach the beneficiary the same day, within hours.

Eligibility :

Mahanar Bank offers instant remittance facility through RTGS to both corporate and individual customers for transfer of funds from their accounts with us to customers of other Bank branches, which are RTGS enabled. Incidentally, The Mahanagar Co-op. Bank Ltd customers can also receive funds from other RTGS enabled Bank branches.

Branches covered :

Presently All branches of The Mahanagar Co-op. Bank Ltd., as mentioned in the list are offering this facility.

Requirement :

The Mahanagar Co-op. Bank Ltd. customer who is willing to transfer the funds will be required to provide the IFSC Code (a number allotted to each participating Bank branch) of the branch where the funds are to be transferred, along with other details of the beneficiary - name, account number, etc. If they are to receive funds from others, they can inform the details like IFSC Code (of the branch of The Mahanagar Co-op. Bank Ltd where account is maintained), account number, etc to the sender.

Benefits to Customers :

• Transfer of funds on the same day.
• No courier/postal charges.
• No physical loss or material changes while in transit.
• Fully secured
• Savings on interest cost
• Better cash management

• Outstation Outward Remittance (Per transaction charges)

Please contact any of our listed bank branches for availing the RTGS facility

The RTGS Cut-Off Time is as under

Customer Payments Monday to Saturday	09.00 to 18:00 Hours
Inter-Bank Payment	24*7 hrs

Please note that the timings are subject to change as per RBI notification

National Electronic Funds Transfer (NEFT)

Introduction :

Reserve Bank of India has introduced a system called ' National Electronic Funds Transfer System (NEFT)' through which funds transfer operation would take place among member Banks and financial institutions. Our bank is one of the participants in the above system. Presently All branches are enabled to offer NEFT facilities to their customers.

Objective :

The objectives of the NEFT System are: To establish an Electronic Funds Transfer System to facilitate an efficient, Secure, economical, reliable and expeditious system of funds transfer and Clearing in the banking sector throughout India, and To relieve the stress on the existing paper based funds transfer and clearing system

Eligibility Criteria For Customer Transactions ::

Fund Transfer through NEFT can be availed by the customers who maintain their operative accounts viz., Savings Bank, Current Account. This facility can also be allowed to CC / OD account etc., subject to ensuring end use of funds.

Outward / Inward remittance facility under NEFT is offered to the customers of all the NEFT enabled branches.

This facility is now being extended to walk-in customers for cash transactions upto Rs.50000/-

Procedure for availing the facility :

• Customers have to submit a request by filling up a form available in all NEFT .
• Branches along with the Cheques/Debit instruction to the branch.
• The customer has to inform the beneficiaries Account Number, Name and IFSC code the Bank/ Branch where the funds are to be remitted.
• NEFT transactions may be made for amounts inclusive of paisa component.
• There is no value limit for putting through an individual NEFT transaction.
• The list of the branches of all the Banks participating in NEFT is also available in RBI’s website www.rbi.org.in

Batch Timings :

Presently, settlements are carried out during the day by RBI from Momday to Saturday on hourly basis from 9 am to 7 pm.

The messages sent before the above batch timings shall be included in the respective settlements otherwise they shall be included in the next batch/day.

Charges :

• Customers Charges for NEFT Transactions w.e.f. 01.08.2012