Electronic Remittance Services

NOTICE ON Electronic payment products (RTGS/ NEFT/ NECS) – Processing inward transactions based solely on account numbers (15 Digits Account Number)

  1. RBI had made Electronic payment products (RTGS/ NEFT/ NECS) – Processing inward transactions based solely on account numbers (15 Digits Account Number) information with effect from 1st January 2011.
  2. Customers are hereby informed that ECS/ RTGS/ NEFT without above compliance may be resulting in rejected/ returned/ dishonored.
  3. Customers who have availed ECS facility/ intend to avail it for various utility bill payments/ insurance premium/ mutual funds/ DMAT account services/ making deposit with company/ salary credit etc. are here by requested to update ECS mandate given to their user institutions for both ECS credit and ECS debit with their correct 15 digit account numbers of their core Banking Branches, immediately on or before 31/12/2010.
  4. Make sure to provide correct 15 digits CBS account number of their Core Banking Braches, while receiving inward from Electronic Payment (RTGS/ NEFT/ ECS).
  5. To ensure efficient and enduring safety for your payments and receipts, Vijaya Bank offers Electronic Remittance Services. These services are available in the metropolitan cities of Calcutta, Delhi, Mumbai and Chennai, apart from other large city centres.
  6. The ECS (Credit) and ECS (Debit/Rapid) services are offered free of cost to all our customers.


ECS (Credit Clearing)

  1. No more postal delays, missing warrants and delays in depositing warrants received into your account
  2. Our ECS (Credit) enables credit of dividend warrant/interest payments due to you from companies and institutions to your account promptly and automatically on due dates.
  3. You are required to give an option for ECS (Credit) to the company from whom your payments are due, wherein you give the details of your account with us - branch, type of account, account number. Your dividends/interest credits from companies in which you have invested will be automatically credited to your account through ECS (Credit).
  4. Institutions like UTI, ICICI, and Tata Finance among others have already commenced using ECS to make dividend payments. Considering the advantage to the investor and the company, more companies are expected to follow suit.

ECS (Debit/Rapid)

  1. No more waiting for the bill and no more wasting precious time and no more hassles of going to the collection center.
  2. Our ECS (Debit/Rapid) service helps payment of bills an easy process. Through ECS (Debit/Rapid), your electricity, water and telephone bills can now be directly debited to your account, as and when you are billed.
  3. All you do is give a one time option to your utility company, including your account details and then, the bills are sent not you but for direct debit to your account. And all you receive is the periodical debit advice with the bill.
  4. To avail of this, you need to give the option letter to your utility company and see that sufficient balance is maintained in your account to cover the bill amount.
  5. ECS (Debit/Rapid) is being used for electricity and telephone bill payments in Mumbai and Chennai. The service is expected to be extended to all major city centres in due course and shortly in the cities of:
  6. Bangalore, Pune, Hyderabad, Delhi, Calcutta, Ahmedabad.
  7. Centres where ECS is extended:
    Mumbai, New Delhi, Calcutta, Chennai, Ahmedabad, Hyderabad, Bangalore, Pune, Kanpur, Nagpur, Jaipur, Chandigarh, Patna, Bhubhaneshwar, Guwahati and Thiruvananthapuram.
  8. Centres where ECS will be extended:
    Lucknow, Coimbatore, Amritsar, Ludhiana and Baroda.
  9. ECS Payment - Returned unpaid through SB A/c is Rs.22/- per occasion. If returned unpaid through CA/OD/CC A/c Rs.29/- per occasion.

Electronic Funds Transfer: NEFT /RTGS
NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT ) ( An electronic payment channel for funds transfer ) 

Click here to view / download details of Customer Facilitation Centers

  1. National Electronic Funds Transfer (NEFT) system is an electronic funds transfer system introduced by Reserve Bank of India (RBI) to facilitate banks to transfer funds electronically from one customer account of a participant bank / branch to another customer account of any other participant bank / branch. NEFT system uses the concept of centralised accounting system and gets operated online. NEFT system also uses the state-of-art technology for communication, security, etc. with the aim of offering better customer service.
  2. At present there are 11 hourly batches in which customers can transfer their funds in NEFT on week days and 5 hourly batches on Saturdays. The hourly batch timings start from 9.00 AM to 7 PM on week days and 9 AM to 1 PM on Saturdays. The messages received from the Member Banks up to the above hourly batches are consolidated and sent to Reserve Bank of India for inter-change and sending to the recipient bank/branch for crediting to the recipient customer. The beneficiary gets the credit on the same day if the funds are remitted in any batch.
  3. RBI has introduced positive confirmation to the Remitter of the NEFT transactions on successful credit to the beneficiary. The remitter should provide their email address OR mobile number for getting such confirmation.
  4. A bank customer (i.e. sender) willing to avail of the remittance facilities offered by a sending branch shall submit a NEFT application form authorising the sending branch to debit the his account and transfer funds to the beneficiary specified in the NEFT application form. The sender’s request for transfer of funds shall contain no condition other than date on which funds transfer process should be initiated. One of the important information required for sending / receiving funds transfer in the NEFT is Indian Financial System Code (IFSC) of the sending bank/branch and the receiving bank/branch besides other details like name of bank, name of branch, sender’s name, beneficiary’s name, sender’s account number, and beneficiary’s valid account number.
  5. There is no minimum and maximum amount criteria for effecting funds transfers through NEFT. Customers can send any amount in multiples of rupees. In view of minimum amount criteria stipulated for RTGS, NEFT comes very handy for those customers who want to send less than Rs. One lakhs funds transfer.
  6. Vijaya Bank has facilitated NEFT remittance / funds transfer facility in all its Core Banking Solution Branches (CBS) .
  7. Customers can utilize NEFT as a good substitute remittance mode compared to the traditional mechanism of DD, MT, etc. Desirous customers may contact any nearest branch or the branch where they hold the account with Vijaya Bank Core Banking enabled branches, for more details and to make use of NEFT facility. Facility is allowed only for account holders of the Bank. Non-customers/Cash Customers are not allowed to use this facility.

Charges for NEFT are

  • Upto Rs. 10000  : Rs. 3.00
  • Above Rs 10000 upto Rs. 1.00 Lakh : Rs.6.00
  • Above Rs.1.00 lakh to 2.00 lakh : Rs.17.00
  • Above Rs. 2.00 lakh : Rs 29.00

Click the links below for details

For any clarification, please send your mail to:neft@vijayabank.co.in

REAL TIME GROSS SETTLEMENT (RTGS)
( A quick mode to online funds transfer )
Real Time Gross Settlement System (RTGS) is an Electronic Payment System – set up, operated and maintained by Reserve Bank of India, for use by the all participating Indian Bank Branches, to enable funds transfer and settlement, on real-time basis. Vijaya Bank is a member of RTGS.

TIMINGS FOR CUSTOMERS to submit RTGS requisition

  • between 8.00 am to 4.00 pm - on working days
  • 2nd and 4th Saturdays - Holiday.

RTGS timings for processing at RBI

  • from 8.00. am to 4.30 pm. - on working days
  • 2nd and 4th Saturdays - Holiday.

RTGS system supports (a) customer related funds transfer and (b) Inter bank funds transfer, amongst member bank branches participating in RTGS. Customers can send and receive funds by way of RTGS messages. It is one of the quickest mode of funds transfer available both for the Corporate and Individuals.

As per the current rules of the remittance under RTGS, any amount which is more than Rs.1.0 lakh (Rupees One Lakh), can be sent / received through RTGS. One of the important information required for sending / receiving funds transfer in the RTGS is Indian Financial System Code (IFSC) of the sending bank/branch and the receiving bank/branch besides other details like name of bank, name of branch, sender’s name, beneficiary’s name, sender’s account number, and beneficiary’s valid account number.

Vijaya Bank has facilitated RTGS remittance / funds transfer facility in all its Core Banking Solution Branches (CBS) .

Customers can utilize RTGS as a good substitute remittance mode compared to the traditional mechanism of DD, TT etc. Desirous customers may contact any nearest branch or the branch where they hold the account with Vijaya Bank Core Banking enabled branches, for more details and to make use of RTGS facility. Facility is allowed only for account holders of the Bank. Non-customers/Cash Customers are not allowed to use this facility.

Charges for RTGS are

  • Rs.2.00 lakh to less than Rs.5.00 lakhs : Rs. 34.00
  • Rs. 5.00 lakh and above : Rs.63.00

Please click the links below for details /downloads

  1. Download RTGS Form/Challan
  2. List of Branches of all other Banks’ in India where RTGS facility is enabled [link from RBI website]

For any clarification, please send your mail to:neft@vijayabank.co.in


 

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