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NEFT - What is NEFT?
National Electronic Funds Transfer (NEFT) 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.
RTGS What is RTGS ?
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
What is the Full Form of IFSC ? IFSC - Indian Financial System Code
Indian Financial System Code is 11 digit alphanumeric unique code which is used to identify each branch of every bank in India. This code is given on the cheque book of a individuals, firms and corporates and is also required to transfer money through NEFT pr RTGS. Format of the IFSC Code The First 4 letters tells about the name of bank and remaining 7 signifies the branch number.This code can be used to transfer money to any account of this branch using NEFT and RTGS.
First 4 Letters Tells about the Bank Name : T N S C ( Tamil Nadu State Cooperative Bank)
Remaining 7 Signifies the Branch Number : 0011900 ( Sivagangai District Central Cooperative Bank Tirunelveli)
Sivagangai District Central Cooperative Bank IFSC Code : TNSC0011900
Transfer of amounts higher than Rs.2.00 lakh can be transferred through RTGS where as amounts lesser than Rs. 2.00 lakh can be transferred through NEFT.
The charges stipulated by the Reserve Bank of India payable by the customers per RTGS / NEFT outward transactions are as follows:
| PLATFORM | DAYS | CUT OFF TIME |
|---|---|---|
| RTGS | Monday to Friday | 8.00 A.M to 4.00 P.M |
| RTGS | Saturday | 8.00 A.M to 1.30 P.M |
| NEFT | Monday to Friday | 8.00 A.M to 4.00 P.M |
| NEFT | Saturday | 8.00 A.M to 12.30 P.M |
RTGS / NEFT Commission Details
| PLATFORM | TYPE | TRANSFER AMOUNT | CHARGES | Service Tax | TOTAL |
|---|---|---|---|---|---|
| RTGS | INWARD | NIL | NIL | NIL | NIL |
| RTGS | OUTWARD | Rs.200000 - Rs.500000 | Rs.25.00 | Rs.4.00NIL | Rs.29.00 |
| RTGS | OUTWARD | Above Rs.500000 | Rs.50.00 | Rs.7.00NIL | Rs.57.00 |
| NEFT | INWARD | NIL | NIL | NIL | NIL |
| NEFT | OUTWARD | Upto Rs.10000 | Rs.2.50 | Rs.0.50 | Rs.3.00 |
| NEFT | OUTWARD | Rs.10001 - Rs.100000 | Rs.5.00 | Rs.1.00 | Rs.6.00 |
| NEFT | OUTWARD | Rs.100001 - Rs.200000 | Rs.15.00 | Rs.3.00 | Rs.18.00 |
| NEFT | OUTWARD | Above Rs.200000 | Rs.25.00 | Rs.4.00 | Rs.29.00 |
Customers who want to transfer money may fill and submit in the RTGS / NEFT format clearly mentioning the Beneficiary Bank Code, Beneficiary Account Number, Beneficiary Account Type, Amount to be credited etc., to the Branch Manager.
Any enquiry about the receipt of credit in respect of customers account through RTGS / NEFT may be made from our Banks Funds and
Investments Section .
| S.No | Name of the Sub Member | IFSC Number |
|---|---|---|
| 1 | Chennai Central Cooperative Bank | TNSC0010500 |
| 2 | Coimbatore District Central Cooperative Bank | TNSC0010000 |
| 3 | Cuddalore District Central Cooperative Bank | TNSC0011200 |
| 4 | Dharmapuri District Central Cooperative Bank | TNSC0010100 |
| 5 | Dindugal District Central Cooperative Bank | TNSC0011700 |
| 6 | Erode District Central Cooperative Bank | TNSC0010800 |
| 7 | Kancheepuram District Central Cooperative Bank | TNSC0010200 |
| 8 | Kanyakumari District Central Cooperative Bank | TNSC0010300 |
| 9 | Kumbakonam District Central Cooperative Bank | TNSC0010400 |
| 10 | Madurai District Central Cooperative Bank | TNSC0010600 |
| 11 | Nilgiris District Central Cooperative Bank | TNSC0010700 |
| 12 | Pudukkottai District Central Cooperative Bank | TNSC0010900 |
| 13 | Ramanathapuram District Central Cooperative Bank | TNSC0011000 |
| 14 | Salem District Central Cooperative Bank | TNSC0011100 |
| 15 | Sivagangai District Central Cooperative Bank | TNSC0011900 |
| 16 | Thanjavur District Central Cooperative Bank | TNSC0011300 |
| 17 | Thoothukudi District Central Cooperative Bank | TNSC0012100 |
| 18 | Trichirappalli District Central Cooperative Bank | TNSC0011400 |
| 19 | Tirunelveli District Central Cooperative Bank | TNSC0011500 |
| 20 | Tiruvannamalai District Central Cooperative Bank | TNSC0012000 |
| 21 | Vellore District Central Cooperative Bank | TNSC0011600 |
| 22 | Villupuram District Central Cooperative Bank | TNSC0012200 |
| 23 | Virudhunagar District Central Cooperative Bank | TNSC0011800 |
| 24 | Pondicheery State Cooperative Bank | TNSC0160101 |
| 25 | Tamil Nadu Industrial Cooperative Bank (TAICO Bank) | TNSC0015000 |