Bank of Baroda RTGS 2023: The RTGS system primarily caters to high-value transactions, with a minimum remittance amount of Rs 2 lakh. This article encompasses comprehensive information about Bank of Baroda RTGS, including the BOB RTGS form, regulations, operating hours, associated charges, and step-by-step instructions for conducting RTGS transactions. Leveraging the Real bank of baroda rtgs timings Gross Settlement (RTGS) service enables you to transfer funds to any bank across India in real-time.
This service streamlines your transactions, removing previous limitations, and enhancing their accessibility. In this article, we present a detailed guide to Bank of Baroda RTGS, covering aspects such as how to initiate payments via BOB RTGS, associated charges, and the operational timing of Bank of Baroda RTGS. Explore further insights on Bank of Baroda RTGS below.
इस पोस्ट में क्या है ?
- 1 What is RTGS?
- 1.1 How Customers Benefit
- 1.2 Bank of Baroda RTGS Application Form
- 1.3 Bank of Baroda RTGS Timings
- 1.4 Minimum and Maximum Transfer Amounts
- 1.5 Bank of Baroda RTGS Fees
- 1.6 How to Make Payments via RTGS
- 1.7 RTGS Through Internet Banking
- 1.8 When Will the Funds Be Credited to the Beneficiary’s Account?
- 1.9 What is the RTGS Transaction Scheduling Timeframe?
- 1.10 Differences Between RTGS and NEFT
- 1.11 Benefits of Bank of Baroda RTGS
- 1.12 FAQs
What is RTGS?
Real-Time Gross Settlement (RTGS) is a nationwide payment system that enables one-to-one fund transfers. Through this scheme, individuals can electronically transfer funds from their bank branch to the account of an individual at any other bank branch across the country, provided they are part of the participating banks in the scheme.
How Customers Benefit
Customers can transfer funds to accounts at other bank branches, and the funds are moved instantly at a minimal cost.
Bank of Baroda RTGS Application Form
You can also collect BOB RTGS form Bank of Baroda branches.
Bank of Baroda RTGS Timings
The bank of baroda rtgs timings Gross Settlement System (RTGS) is now accessible 24 hours a day, seven days a week, placing India among the select few countries worldwide with a round-the-clock RTGS system. Approximately a year ago, the Reserve Bank introduced 24-hour NEFT services. NEFT is a widely used method for small-value transactions. Let’s explore the 5 advantages of BOB RTGS form below.
Minimum and Maximum Transfer Amounts
- Minimum: Rs. 200000
- Maximum: No Limit
Bank of Baroda RTGS Fees
Revised BOB Service Charges excluding GST effective from 01.07.2020
Mode of Transaction | Charges |
---|---|
Online modes (i.e. internet banking, Mobile app) | 💻 📱 |
₹2 lakh up to ₹5 lakh | ₹ 24.50 + GST |
₹5 lakh and above | ₹ 49.50 + GST |
Through Bank branches | 🏦 |
₹2 lakh up to ₹5 lakh | ₹ 24.50 + GST |
₹5 lakh and above | ₹ 49.50 + GST |
How to Make Payments via RTGS
There are two methods to send payments via RTGS:
- RTGS via Online Internet Banking: You can initiate an RTGS transaction through online internet banking.
- RTGS via Bank Branch: If you prefer making an RTGS transaction through an offline method, which involves visiting a Bank of Baroda branch, follow these steps:
- Visit your nearest Bank of Baroda branch.
- Request an RTGS Form or Slip.
- Fill in all the required details as per the RTGS Form.
- Submit the completed form to the cashier.
Upon submission, your bank branch will send the payment to the recipient within 2 working hours.
RTGS Through Internet Banking
You can also send money via BOB RTGS form using your Bank of Baroda Internet Banking Service. To use Internet banking, you should log in to the Bank of Baroda website and add a new beneficiary. Once added, you can make payments via RTGS. Online RTGS is available to all Bank of Baroda customers with Internet Banking and full transaction rights.
If you wish to utilize the Bank of Baroda RTGS Facility, you can either download the application form or visit your nearest Bank of Baroda branch. Fill out the form and submit it to your base branch. If you are an existing Bank of Baroda Connect customer with “view right” and want to avail full transaction rights, please re-submit your application form (which can be downloaded from the provided URL) to your base branch.
- Log in to your Bank of Baroda Retail NetBanking account.
- On the left-hand side navigation bar, click on “Other Bank Transfer – RTGS” under the Funds Transfer section.
- Fill in all the required details, including the transfer amount, destination account number, IFSC Code, beneficiary name, and payment details. Once these details are correctly entered, a unique transaction confirmation number will be generated. This number should be noted for any inquiries related to this specific transaction.
When Will the Funds Be Credited to the Beneficiary’s Account?
- Bank of Baroda RTGS operates 24×7, every day of the year.
- Confirmed transactions are immediately debited from the source account and processed. Transactions initiated before the cut-off time will be processed on the same day.
- Transactions initiated outside RTGS hours and on RTGS holidays will be processed (for onward transfer to the beneficiary bank) on the next working day. Ensure your account has sufficient funds for the transaction, and if retrying, check the status of your previous transaction.
- The time it takes for the amount to credit into the beneficiary’s account depends on the destination bank.
What is the RTGS Transaction Scheduling Timeframe?
he advance scheduling timeframe for an RTGS transaction is 3 working days. You can use this 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 apply to your transaction, you can choose “Cash Management Transfer” as a default option.
Differences Between RTGS and NEFT
- Both RTGS (Real Time Gross Settlement) and NEFT are provided by RBI for conducting online fund transfers between different member banks.
- As of November 15, 2010, in accordance with RBI guidelines, RTGS (Real Time Gross Settlement) is exclusively available for transactions of Rs. 2,00,000/- and above. For transactions below Rs. 2,00,000/-, NEFT should be utilized.
Benefits of Bank of Baroda RTGS
- Universal Accessibility: Bank of Baroda RTGS is available to all customers, including both existing and new Net banking users.
- Simplicity and Convenience: This facility provides a straightforward, convenient, quick, and secure way to transfer funds to beneficiaries in other banks. It ensures a seamless transfer experience, making it easy for users.
- Anytime, Anywhere: With Bank of Baroda RTGS, customers can conduct transactions from the comfort of their home or office, at any time and from anywhere. This feature saves time and energy.
- Cost-Effective: Bank of Baroda RTGS is a cost-effective option compared to traditional methods of remittance like Demand Drafts (DD) or Money Transfers (MT). Users get more value for less.
FAQs
Bank of Baroda allows NEFT transactions free of charge up to a maximum of Rs. 2 lakhs. For transactions exceeding this amount, a nominal fee of Rs. 25 per transaction applies.
Currently, Bank of Baroda does not impose any charges for IMPS transfers.
Bank of Baroda has a maximum limit of Rs. 5 lakhs for NEFT transfers conducted through mobile banking or internet banking. There is no limit for NEFT transactions performed at the bank branch.
Yes, NEFT services are available 24/7 and can be initiated at any time.
If you are using Bank of Baroda’s NEFT services, you can transfer up to Rs. 10 lakhs by visiting a bank branch. For NEFT transactions conducted online, the maximum limit is Rs. 5 lakhs.