In this article we know about canara bank rtgs limit, Canara Bank RTGS Charges and Form: The Real-Time Gross Settlement (RTGS) system is primarily designed for high-value transactions, with a minimum remittance amount of Rs 2 lakh. Canara Bank RTGS Form, Guidelines, Operating Hours, Canara Bank RTGS Charges & How to Initiate an RTGS Transfer: With Real-Time Gross Settlement (RTGS), you have the ability to transfer funds to any bank across India instantly. This service makes your transactions smoother, expanding their reach with fewer limitations. Canara Bank offers RTGS services and enables customers to remit money through the completion of the Canara Bank RTGS Form.
Canara Bank RTGS
Canara Bank’s Real-Time Gross Settlement (RTGS) is a nationwide payment system that streamlines one-to-one fund transfers. Within this system, individuals can electronically transfer funds from any bank branch to another individual who holds an account with a bank branch participating in the Scheme anywhere in the country.
How does it benefit the customers?
Customers have the option to transfer funds to an account at a different bank branch, and these funds are swiftly transferred with minimal charges.
Canara Bank RTGS Form 2024
You can access Canara Bank’s RTGS service through two methods:
- Online, using Canara Bank’s mobile and internet banking services. When using the online form, you will need to provide the following details: RTGS Form Download
- Beneficiary’s name and account number
- IFSC Code (Indian Financial System Code) of the beneficiary Bank/Branch
- Select RTGS as the fund transfer type for online mode
- Offline, by visiting a bank branch and completing the UBI RTGS Form. For the offline form, you’ll need to provide the following information:
- Beneficiary’s name and account number
- IFSC Code (Indian Financial System Code) of the beneficiary Bank/Branch
- Bank branches also offer a bulk upload service for corporate customers.
Minimum and Maximum Transfer Amounts
- Minimum: INR 200,000
- Maximum: Unlimited
Canara Bank RTGS Charges
Canara Bank RTGS charges
I) Inward transactions are exempt from charges; no fees will be imposed.
II) The collection of RTGS service charges will adhere to RBI guidelines starting from 01.07.2019.
| Amount of RTGS Transaction | Services Charges (Exclusive of GST) |
|---|---|
| Rs. 2 lakhs & up to Rs. 5 lakhs | Rs. 24.50 |
| Above Rs. 5 lakhs | Rs. 49.50 |
GST, where applicable, will be levied and collected.
How to Initiate RTGS Payment with Canara Bank
There are two methods for sending payments through Canara Bank RTGS: one is RTGS via Online Internet Banking, and the other is RTGS via the Bank Branch.
RTGS via Bank Branch: To make an RTGS payment at Canara Bank through offline mode, which involves visiting a Bank Branch, follow these steps:
- Visit your nearest Canara Bank Branch.
- Request an RTGS Form or Slip.
- Complete all the required details on the RTGS Form.
- Submit the form to the cashier.
- Your bank branch will process the payment and transfer it to the recipient within 2 working hours.
RTGS Via Internet Banking: You can also send money via RTGS by utilizing your Canara Bank Internet Banking Service. To use Internet banking, follow these steps:
- Log in to the Canara Bank Website.
- Add a new beneficiary.
- You can then proceed to make a payment via RTGS. Online RTGS is available for all Canara Bank customers with Internet Banking access, including full transaction rights. To access Canara Bank’s RTGS Facility, you can download the application form or visit your Canara Bank Branch and submit the completed form to your base branch. If you are an existing Canara Bank Connect customer with “view right” and wish to upgrade to full transaction rights, please resubmit your application form to your base branch (which can be downloaded from the URL provided).
- Access Canara Bank’s Retail NetBanking platform.
- On the left-hand side navigation bar, select “Other Bank Transfer – RTGS” within the Funds Transfer section.
- Complete all the necessary fields, including the transfer amount, destination account number, IFSC Code, beneficiary name, and payment details. Once these details are accurately provided, a unique transaction confirmation number will be generated. This number should be referenced for any inquiries regarding this specific transaction.
RTGS Timing 2024?
Monday to Friday:
- Service Hours: 8:00 AM to 4:20 PM.
- For same-day processing, Bulk RTGS Files should be uploaded before 3:50 PM.
Saturday (except 2nd & 4th Saturdays):
- Service Hours: 8:00 AM to 4:20 PM.
- Bulk RTGS Files should be uploaded before 3:50 PM.
Sunday:
- The bank is closed for the day.
When does the beneficiary account receive the credited amount?
- Canara Bank RTGS operates 24×7, 365 days a year.
- Confirmed transactions are immediately debited from the source account and processed. Transactions initiated before the cut-off time are processed on the same day.
- Transactions initiated outside RTGS hours and on RTGS holidays are processed on the next working day (for onward transfer to the beneficiary bank). Ensure sufficient funds in your account for the transaction, and if retrying, check the status of the previous transaction.
- It’s important to note that once Canara Bank processes the amount and debits it, the credit into the beneficiary account depends entirely on the destination bank.
RTGS Remittance Cut-off Time
Typically, in regular situations, beneficiary branches should receive the funds instantly upon transfer by the remitting bank. The beneficiary bank is required to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.
What is the time window for scheduling an RTGS transaction?
You can schedule an RTGS transaction in advance with a lead time of 3 working days. This facility can be used for various types of transactions, including:
- Cash Management Transfer
- Hedging
- Interest
- Loan
- Securities
- Supplier Payment
- Tax Payment
- Trade
- Trade Settlement Payment
- Value Added Tax Payment
If none of the above options directly relate to the transaction you wish to make, you may choose “Cash Management Transfer” as the default option.
What is the difference between RTGS and NEFT?
- RBI has established RTGS (Real Time Gross Settlement) and NEFT for online fund transfers among member banks.
- Starting from November 15, 2010, as per RBI guidelines, RTGS is designated for transactions of Rs. 2,00,000/- and above.
- For transactions below Rs. 2,00,000/-, NEFT should be the preferred choice.
What are the Advantages of Canara Bank RTGS?
- Canara Bank RTGS is Available to all – All our Net banking (existing & new) users are eligible to utilize this on-line facility.
- Canara Bank RTGS Facility is simple, convenient, quick, and secure – Users can transfer funds to the beneficiaries in other banks in a simple, convenient, and seamless manner. Funds transfer to other banks is faster, secure, and safe.
- Customers can use Canara Bank RTGS Anytime, anywhere… Simple and easy to operate – from home / office anytime, anywhere, Save time and energy.
- Get more for less – Canara Bank RTGS cost less than the conventional modes of remittance such as DD/MT.
FAQ?: Canara Bank RTGS
2 lakh. There is no upper ceiling for RTGS transactions. For NEFT transaction there is no lower and upper value limit.
Canara Bank’s NEFT hours are 9:00 a.m. to 7:00 p.m. on all working days. However, if you use Internet banking for NEFT transactions, it is available 24 hours a day, seven days a week, including holidays. Canara Bank RTGS hours are from 7:00 a.m. to 6:00 p.m. on all working days.
canara bank rtgs limit:
What is the RTGS Minimum and Maximum Limit? As per the RBI, the minimum RTGS limit to initiate a transaction is ₹2 Lakhs. There is no maximum RTGS limit or cap set by RBI, but banks can set their own RTGS limit.
