"1st prize in Prestigious Ideal Society in Vidarbha Region and 1st Prize Winner in the competition organized by State Credit Co-operative Federation"

New

1st prize in Prestigious Ideal Society in Vidarbha Region and 1st Prize Winner in the competition organized by State Credit Co-operative Federation.

Select Language :

NEFT and RTGS

NEFT and RTGS

NEFT:

NEFT refers to National Electronic Funds Transfer. It is an online system for transferring funds from one financial institution to another within India (usually banks). The system was launched in November 2005, and was set to inherit every bank that was assigned to the SEFT clearing system. It was made mandatory by the RBI for all banks on the SEFT system to migrate to NEFT by mid December 2005. As such, SEFT was discontinued as of January 2006. The RBI welcomed banks that were full members of the RTGS to join the NEFT system.

 

RTGS:

RTGS is an acronym that stands for Real Time Gross Settlement. RTGS is a funds transfer system where money is moved from one bank to another in ‘real-time’, and on gross basis. When using the banking method, RTGS is the fastest possible way to transfer money. ‘Real-time’ means that the payment transaction isn’t subject to any waiting period. The transaction will be completed as soon as the processing is done, and gross settlement means that the money transfer is completed on a one to one basis without clustering with another transaction. The transaction is treated as final and irrevocable as the money transfer occurs in the books of the RBI (Reserve Bank of India). This system is maintained by the RBI, and is available during working days for a given number of hours. Banks using RTGS need to have Core banking to be able to initiate RTGS transactions.

 

Benefits:

Certainty of the date of payment to the recipient.

  • Reduction in cost of Demand Drafts and courier expenses.
  • Reduction in the risk of fraudulent encashment associated with paper-based instruments.
  • Reduction in the time spent on reconciliations.

NewsNews

Upcoming Branch Ghatanji

............................................................

RAJLAXMI MULTISTATE GOT FIRST PRIZE FROM 'VIDARBHA CREDIT CO. OP FEDERATION' Successive Six Times.

............................................................

INCOMING RTGS / NEFT FACILITY ALSO AVAILABLE

............................................................

RAJLAXMI GOT  SAHAKAR SUGANDHA AWARDS - 2012

............................................................

NOW DOUBLE YOUR MONEY IN JUST 70 MONTHS WITH OUR DMD2 PLAN

............................................................

Rajlaxmi offers very smart interest rates on Deposits & loans

............................................................

Facility: SMS Banking, ATM, Internet Banking, RTGS, NEFT and DD

............................................................

Operation area of Rajlaxmi are Maharastra, Andhra Pradesh, Madhya Pradesh, GOA, Chhattisgarh, Gujarat and Karnataka

............................................................

Rajlaxmi now MultiState and  ISO Certified organization  9001-2008.

............................................................

 1st prize in Prestigious Ideal Society in Vidarbha Region Constantly five year…….

............................................................