Canara Bank RTGS Form: Your One-Stop Guide for Hassle-Free Fund Transfers

Canara Bank RTGS Form : The Real Time Gross Settlement (RTGS) system is primarily designed for high-value transactions, setting the minimum remittance amount at Rs 2 lakh. To initiate an RTGS transaction with Canara Bank, individuals can use the Canara Bank RTGS Form, adhering to the specified rules, timings, and charges. This service allows for real-time fund transfers to any bank across India, offering enhanced ease of transactions with broader accessibility. Canara Bank facilitates RTGS services through various channels, ensuring customers can conveniently remit money by completing the Canara Bank RTGS Form.

What is RTGS?

Canara Bank’s Real Time Gross Settlement (RTGS) is a nationwide payment system designed to enable seamless one-to-one fund transfers. This scheme allows individuals to electronically transfer funds from any Canara Bank branch to an individual with an account in any other bank branch across the country participating in the RTGS Scheme.

How Customers Can Benefit from This

Customers can transfer funds to accounts at other bank branches, and the funds are instantly transferred at minimal charges.

Canara bank rtgs form

Download Canara Bank NEFT and RTGS Form in Fillable PDF

1. Online Method: Utilize Canara Bank’s mobile and internet banking services for a seamless online experience. When filling out the online form, ensure to provide the following details:
   • Beneficiary’s name and account number
   • IFSC Code (Indian Financial System Code) of the beneficiary Bank/Branch
   • Select RTGS as the fund transfer type in the online mode.
2. Offline Method: Visit a Canara Bank branch to avail the RTGS service by completing the UBI RTGS Form. For the offline form, furnish the following details:
   • Beneficiary’s name and account number
   • IFSC Code of the beneficiary Bank/Branch
   Corporate customers can also take advantage of the bulk upload service available at Canara Bank branches.

Transfer Limits: Minimum and Maximum Amount

• Minimum: Rs. 200000
• Maximum: No Limit

Canara Bank RTGS Charges

I) Inward transactions – No charge will be applied; it is free of cost.

II) RTGS service charges will be collected in accordance with RBI guidelines effective from July 1, 2019.

Amount of RTGS Transaction	Services Charges (Exclusive of GST)	Emoji
Rs.2 lakhs & up to Rs. 5 lakhs	Rs. 24.50	💸
Above Rs. 5 lakhs	Rs. 49.50	💸

Applicable GST will be collected.

Initiating Payments with Canara Bank RTGS

There are two methods for initiating payments through Canara Bank RTGS. The first is RTGS via Online Internet Banking, and the second is RTGS via the Bank Branch.

RTGS via Bank Branch: If you prefer to make RTGS transactions through Canara Bank’s offline mode, visit your nearest Canara Bank branch. Request the RTGS Form or Slip, fill in all the required details as specified in the RTGS Form, and submit it to the cashier. Your bank branch will then process the payment to the designated recipient within 2 working hours.

RTGS Via Internet Banking: For online transactions, utilize Canara Bank’s Internet Banking Service. Log in to the Canara Bank website, add a new beneficiary, and proceed to make payments via RTGS. Online RTGS is available for all Canara Bank customers with Internet Banking access and full transaction rights. To avail the Canara Bank RTGS Facility, download the application form or visit your Canara Bank branch. Submit the duly filled form to your base branch. If you are already a Canara Bank Connect customer with “view right” and wish to enjoy full transaction rights, resubmit your application form to your base branch.

These options provide flexibility for customers to choose the method that suits their preferences and banking needs.

1. Access Canara Bank Retail NetBanking by logging in.
2. Navigate to the left-hand side navigation bar and select “Other Bank Transfer – RTGS” under the Funds Transfer section.
3. Provide all the necessary details, including transfer amount, destination account number, IFSC Code, beneficiary name, and payment details.
4. Once these details are accurately filled in, a unique transaction confirmation number will be generated.
5. This generated number should be quoted for any queries related to the specific transaction.

Timings for RTGS

1. Monday to Friday:
   • Operating Hours: 8:00 AM to 4:20 PM
   • Bulk RTGS File Upload Deadline: Before 3:50 PM for same-day processing.
2. Saturday (except 2nd & 4th Saturdays):
   • Operating Hours: 8:00 AM to 4:20 PM
   • Bulk RTGS File Upload Deadline: Before 3:50 PM.
3. Sunday:
   • Holiday: No RTGS services available.

Crediting Timeline for Beneficiary Account

• Canara Bank RTGS operates 24×7, 365 days a year.
• Transactions are immediately debited from the source account upon confirmation and are promptly taken up for processing.
• Transactions initiated before the designated cut-off time are processed on the same day.
• For transactions initiated outside RTGS hours or on RTGS holidays, processing for onward transfer to the beneficiary bank occurs on the next working day. It’s crucial to ensure sufficient funds in your account for seamless transaction processing. If you are reattempting a transaction, kindly verify the status of your previous attempt.
• Notably, once the amount is debited and processed by Canara Bank, the crediting into the beneficiary account is entirely contingent on the policies and processes of the destination bank.

Cut-off Time for Canara Bank RTGS Remittance:

Typically, under standard circumstances, beneficiary branches anticipate receiving funds in real-time immediately upon transfer by the remitting bank. The beneficiary bank is obligated to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.

Scheduling an RTGS Transaction: Time Frame

The time frame to schedule an RTGS transaction in advance is 3 working days. You can pay for transactions like:

• Cash Management Transfer
• Hedging
• Interest
• Loan
• Securities
• Supplier Payment
• Tax Payment
• Trade
• Trade Settlement Payment
• Value Added Tax Payment

In case none of the mentioned options align with your specific transaction, kindly choose “Cash Management Transfer” as the default option.

Distinguishing Between RTGS and NEFT

1. Both RTGS (Real Time Gross Settlement) and NEFT are mechanisms facilitated by the RBI for conducting online funds transfers among various member banks.
2. As of November 15, 2010, in accordance with RBI guidelines, RTGS (Real Time Gross Settlement) is exclusively available for transactions equal to or exceeding Rs. 2,00,000. Transactions below Rs. 2,00,000 should be processed using NEFT.

What is the Benefits of Canara Bank RTGS

1. Canara Bank RTGS is accessible to all – both existing and new users of our Net banking services can take advantage of this online facility.
2. The Canara Bank RTGS Facility is designed to be simple, convenient, quick, and secure. Users can effortlessly transfer funds to beneficiaries in other banks in a straightforward, convenient, and seamless manner. This ensures faster, secure, and safe funds transfer to other banks.
3. Customers can utilize Canara Bank RTGS at their convenience and from anywhere – whether at home or the office, at any time. This user-friendly service is simple and easy to operate, allowing users to save time and energy.
4. Enjoy more benefits for less cost – Canara Bank RTGS is a cost-effective alternative compared to traditional modes of remittance such as Demand Drafts (DD) and Money Transfer (MT).

Canara Bank RTGS Form FAQ