FAQ on Online Inter Bank Fund Transfer through RTGS

1.	What is Inter Bank Fund Transfer?
	Inter Bank Transfer is a special service that allows you to transfer funds from your account with a Bank, to a Bank account with any other Bank in India
2.	What is RTGS?
	RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time”. The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India.
3.	Can I transfer funds to an account in Bank Branch in India through RTGS?
	The fund transfer through RTGS can be done ONLY to any RTGS enabled Bank Branch in India. Presently, there are approx. 45,000 Bank Branches in India are enabled for the facility. The search for the RTGS enabled Bank Branches in the country can be made on www.rbi.org.in/Scripts/Bs_viewRTGS.aspx
4.	What is the minimum / maximum amount for RTGS transactions?
	The minimum prescribed amount for a RTGS Transaction is Rs. 2.00 lacs and for transfer through our Internet Banking facility maximum transaction amount is Rs. 25.00 lacs*. * Subject to change. In case of Retail Internet Banking this limit is Rs. 5.00 lacs.
5.	When does the beneficiary get the credit for a RTGS payment?
	The beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank. However, the actual credit to the beneficiary account may depend on the time taken by the beneficiary bank to process the same.
6.	What happens to the transaction, if the beneficiary account is not credited for ANY reasons?
	If for ANY reasons, beneficiary account is not credited, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter's account by the remitting bank branch.
7.	What happens to the transaction, if the beneficiary details provided are incorrect OR erroneously beneficiary details are provided are incorrect?
	Bank does not verify the Beneficiary Details given for outward RTGS transaction, and its fate entirely depends upon the Beneficiary Bank. If the beneficiary details provided matches at the Beneficiary Bank, the credit will be passed on, as per the details. But, in case the Beneficiary Bank rejects the transaction, for ANY reason, the customer account will be credited.
8.	What are the timings for doing an RTGS Transaction?
	The RTGS timings is available 24 X 7.
9.	Are there any BANK CHARGES levied for online RTGS Transaction?
	Presently, service charges are exempted for RTGS through internet banking.
10.	What is the mandatory requirement for doing an RTGS Transaction?
	The following information about the Beneficiary is mandatory – o Beneficiary Name o Beneficiary Address o Beneficiary Account Number o IFSC Code of the Beneficiary’s Bank Branch
11.	What is IFSC Code?
	IFSC is abbreviated for Indian Financial System Codes and is used to uniquely identify an RTGS member branch enabled for RTGS Transaction.
12.	Where do I find IFSC Code?
	IFSC Code can be found on our Internet Banking Site, during the addition of Beneficiary based on the Beneficiary’s Bank. Alternatively, it can also be found at RBI site at - www.rbi.org.in/Scripts/Bs_viewRTGS.aspx
13.	How do you I make an Online Interbank Fund Transfer through RTGS through Bank of India, Internet Banking Site?
	The Steps for making an Online Interbank Fund Transfer through RTGS through Bank of India, Internet Banking Site is as under – Pre-requisite – a. Internet Banking with Fund Transfer and RTGS facility enabled. b. Beneficiary Details. o Beneficiary Name o Beneficiary Address o Beneficiary Account Number o IFSC Code of the Beneficiary’s Bank Branch Steps 1. Log on to our Star Connect Internet Banking Services. 2. Click on the Transfer button. 3. Click on the RTGS Payment at the side menu. 4. Click on the link at the left – Add Beneficiary. Provide the details of the account, in which Fund Transfer has to be made. This is a One Time Activity, and once details are provided, the same details will not be required, afresh for the next Fund Transfer. 5. Click on the link at the left – Make a Payment. · Select, already added beneficiary · Give the transfer amount · Select your debit account, and pay
14.	Can I find the status of my RTGS transaction?
	Yes, you can have the status of your RTGS transaction on Internet Banking Site itself. The hyperlink for the same is available under RTGS Payment.
15.	Can I have UTR (Unique Transaction Reference) Number for my RTGS Transaction?
	Yes, you can have the UTR Number of your RTGS transaction on Internet Banking Site itself, under th hyperlink RTGS Payment – View Payment Status.
16.	In case of any further information/query, what should I do?
	You can call our Call Centre at 91-22-40919191 on any day between 08:00 am- 08:00 pm, or write to us at boi.starconnect@bankofindia.com.