Real Time Gross Settlement or RTGS and National Electronic Funds Transfer or NEFT introduced to execute fund transfer transactions in an easy and on a real time basis are deemed to be routed only through online route i.e. if a banking customer is registered for Internet Banking.
Nonetheless, the processes which is provided as an additional feature with your Internet banking account can also be availed by visiting the bank premises if the customer is reluctant to use the service online on account of the likely threat of fraud.
The procedure requires you to submit the form for the RTGS or NEFT with the bank making a request for the fund transfer in the beneficiary account.
With all the required details, such as bank account details of the person remitting the amount, account number of the beneficiary, IFSC code of beneficiary bank and fund transfer amount, bank initiates the fund transfer process by punching the details on the system.
Also, you need to ensure that the destination bank branch as well as remitting bank branch comes within the ambit of the NEFT network.
For instantaneous or real time settlement of fund transaction, fund transfer should be done through the RTGS facility. Know in how much time the RTGS fund transfer transaction is settled by clicking here.
But for fund transfers of over Rs. 2 lakhs through the offline route, banking customer needs to attach a cheque leaflet along with the application form for completing the process.
In the case when you are not carrying a cheque book with you for making the request for fund transfer through NEFT or RTGS facility, banks may provide temporary cheque book in your name.
Bank charges for RTGS or NEFT fund transfer transactions executed through offline route vary from bank to bank as the Reserve Bank of India has not set any charges for such transactions.
Depending on the transaction amount, banks usually charge any where between Rs.5- Rs 50 for a RTGS transaction.
For NEFT transactions few of the banks for a lower transfer value of upto Rs. 1 lakh do not levy any fees or charges.