Real Time Gross Settlement System (RTGS), is a modern, robust, integrated payment and settlement system. RTGS is a system whereby the Banks and Financial Institutions maintaining accounts with RBI can transfer funds to one another on an immediate, final and irrevocable basis during business hours.
The Facility can be used for Fund Transfer to other Bank on behalf of the customers. This is R41 transaction and funds are transferred by debiting customerâ€™s account to the destination account of other participating bank directly without any manual intervention. For this purpose correct destination account number and IFSC code of the destination bank / branch is required from the customer availing this facility.
Our Bank has upgraded its application in order to transmit the RTGS message in ISO20022 format as per RBI directions.
The objectives of the NEFT System are:
Minimum Transaction Amount for Fund Transfer is ₹2.00 lac.
There is no Maximum limit for transaction amount.
Customers have to submit a request by filling up a form available in all CBS Branches along with the cheques/Debit instruction to the branch. The customer has to inform the beneficiaries account number, Name and IFSC code the Bank/ Branch where the funds are to be remitted.
IFSC (Indian Financial System Code) is an eleven digit code given to each branch of all banks which are participating in RTGS. The list of the branches participating in RTGS is also available in RBIâ€™s website www.rbi.org.in
Customer Transaction : Operating Session at Branches
Monday to Saturday (Except second and fourth Saturday) â€“ 8.00 hrs. to 16.15 hrs.
|Type of Transaction||Charges|
|Inward Remittance||Not Prescribed.|
Customer Service Help Desk for RTGS
A dedicated Help Desk for handling RTGS related issues has been set up by the bank at the following address.
Twelve hourly settlements are carried out during the day by RBI, starting from 8 am to 7 pm from Monday to Saturday (except second and fourth saturday)
Oriental Bank Of Commerce
2nd Floor, Aman Chamber,
Opposite New passport Office,
Veer Savarkar Marg,