Canara Bank RTGS Form 2023: About, Rules, Timing, Charges

Canara Bank RTGS: The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. Canara Bank RTGS Form, Rules, Timing, Charges & How to do RTGS?: With Real Time Gross Settlement (RTGS) you can transfer funds to any bank across India in real time. With this service your transactions are easier, and, with fewer restrictions, they reach further than before. Canara Bank is RTGS enabled and provides its customers RTGS service in a number of ways. Customers wanting to remit money through RTGS can do so by filling Canara Bank RTGS Form.

What is RTGS?

Canara Bank Real Time Gross Settlement (RTGS) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme

In what way it is beneficial to the Customers

Customer can remit funds to the account of another bank branch and The funds are transferred instantaneously at nominal charges

Canara bank rtgs form

There are two ways to avail Canara Bank RTGS service

1. Online that is using Canara Bank mobile and internet banking services

Following are the details required to fill online form

• Name and account number of the beneficiary
• IFSC Code (Indian Financial System Code) of the beneficiary Bank/Branch
• For online mode select RTGS as fund transfer type

2. Offline by visiting bank branch and filling UBI RTGS Form

Following are the details required to fill offline form

• Name and account number of the beneficiary
• IFSC Code (Indian Financial System Code) of the beneficiary Bank/Branch
• Bulk upload service is available at bank branches for corporate customers

Minimum and Maximum Amount for Transfer

• Minimum: Rs. 200000
• Maximum: No Limit

Canara Bank RTGS Charges

 I) Inward transactions – Free, no charge to be levied.

II) Collection of RTGS service charges as per RBI guidelines W.E.F 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

Applicable GST will be collected.

How to Send Payment via RTGS in Canara Bank

There are two ways to send payment via Canara Bank RTGS and one of them is 1. RTGS via Online Internet Banking and 2nd is RTGS via Bank Branch.

RTGS via Bank Branch : If you want to make RTGS in Canara Bank via offline mode i.e from Bank Branch then you need to visit your nearest Canara Bank Branch and Request for RTGS Form or Slip and Fill all the require details asked in RTGS Form and submit to Cashier, Now you bank brach send payment to another person within 2 working hours

RTGS Via Internet Banking : You may also send money via RTGS by using your Canara Bank Internet Banking Service, for using Internet banking, you need to login at Canara Bank Website and then you will require to add new Beneficiary and then you are able to make payment via RTGS. Online RTGS is enabled for all customers of Canara Bank (Internet Banking) with full transaction right. If you would like to avail Canara Bank RTGS Facility then please download the application form or visit to your Canara Bank Brach and submit the duly filled form to your base branch. If you are already a Canara Bank Connect customer with “view right” and would like to avail full transaction right, please resubmit your application form (can download from above URL) to you base branch.

• Login to Canara Bank Retail NetBanking
• On the left hand side navigation bar, click on “Other Bank Transfer – RTGS” under the Funds Transfer section.
• Fill in all details like transfer amount, destination account number, IFSC Code, beneficiary name & payment details. After these details are filled in correctly, a unique transaction confirmation number would be generated. This number is to be quoted for any query related to this particular transaction.

Timings for RTGS

• Monday to Friday:8.00Hrs to 16.20Hrs. Bulk RTGS File should be uploaded before 15:50Hrs for same day processing.
• Saturday(except 2nd & 4th Saturdays):8.00Hrs to 16.20Hrs. Bulk RTGS File should be uploaded before 15:50Hrs.
• Sunday is holiday.

When is the amount credited in the beneficiary account?

• Canara Bank RTGS is open 24×7, 365 days.
• Transactions, once confirmed will be immediately debited from the source account and taken up for processing. Transactions initiated before the cut off time shall be processed on the same day.
• All transactions initiated outside the RTGS hours and on RTGS holidays will be processed (for onward transfer to beneficiary bank) only on the next working day. Please ensure that there are sufficient funds in your account to process the transaction. In case you are retrying, please check the status of your previous transaction
• Please note that once the amount is debited and processed from Canara Bank, the credit into the beneficiary account is completely dependent on the destination bank

Cut off time for remittance through Canara Bank RTGS

Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.

What is the time frame to schedule an RTGS transaction?

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

If the above mentioned option is not relevant to the transaction you would like to select. Then please select “Cash Management Transfer” as a default option

What is the difference between RTGS and NEFT?

• Both RTGS (Real Time Gross Settlement) & NEFT are facilitated by RBI for doing online funds transfer between various member banks.
• Effective 15th November 2010, as per RBI guidelines, RTGS (Real Time Gross Settlement) is available only for transactions of Rs.2,00,000/- and above. For any transaction below Rs.2,00,000/- NEFT should be used

What is the Benefits 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

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Source: bank.newstars.edu.vn