Bank Name | PUNJAB NATIONAL BANK |
Branch Address | DISTRICT ANANTNAG |
State | JAMMU AND KASHMIR (JK) |
District | ANANTNAG |
Bank Branch | MATTAN DIST ANANTNAG |
IFSC Code | PUNB0250300 |
MICR Code | 192024503 |
Branch Code | 250300 |
Contact | 0 |
Bank Website | http://www.pnbindia.com/ |
S | B | I | N | 0 | 0 | 0 | 0 | 6 | 9 | 1 |
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[State Bank Of India] | [Reserved] | [New Delhi Main Branch] | ||||||||
[First 4 Characters] | [5th Character] | [Last 6 Characters] | ||||||||
[Bank Code] | ["0" Reserved] | [Branch Code] |
NEFT is one of the most popular mode of electronic payments in India. Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Started in November 2005,NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis. It is done via electronic messages. This is not on real-time basis like RTGS (Real Time Gross Settlement). Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system. This is a "net" transfer facility which is executed in hourly batches resulting in a time lag. NEFT facilities are available in almost all bank branches all over the country .
NEFT - How it worksStep-1 : Customer fills an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary. This facility is also available through online banking and some banks offer the NEFT facility even through the ATMs.
Step-2 : The originating bank branch prepares a message and sends the message to its pooling centre (also called the NEFT Service Centre).
Step-3 : The pooling centre forwards the message to the NEFT Clearing Centre (operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included for the next available batch.
Step-4 : The Clearing Centre sorts the funds transfer transactions destination bank-wise and prepares accounting entries to receive funds from the originating banks (debit) and give the funds to the destination banks(credit). Thereafter, bank-wise remittance messages are forwarded to the destination banks through their pooling centre (NEFT Service Centre).
Step-5 : The destination banks receive the inward remittance messages from the Clearing Centre and pass on the credit to the beneficiary customers accounts.
Service Charges for NEFT TransactionsReal-Time gross settlement system (RTGS) is a funds transfer systems maintained by the Reserve Bank of India where the transfer of money takes place from one bank to another on a "real time" and on a "gross" basis. This is the fastest possible money transfer system through the banking channel. Settlement in 'real time' means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. 'Gross settlement' means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.
RTGS systems are typically used for high-value transactions that require and receive immediate clearing. Fees for RTGS vary from bank to bank. RBI has prescribed upper limit for the fees which can be charged by all banks both for NEFT and RTGS