RTGS / NEFT
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 NEFT:

National Electronic Fund Transfer - This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS.

INWARD RTGS / NEFT:

For inward RTGS / NEFT please use IFSC code as "HDFC0CVCBL1". Bank Name will be "Vidyanand Co-Op Bank Ltd Solapur". Beneficiery Name will be "Account Holder Name" and Beneficiery Account no is "your 16 digit account number."


                   
  • Faster because no demand drafts, cheques or letters.
  • Avoid long waiting period.
  • Credits the Beneficiary's A/c on Same Day Through RTGS.
  • Reduces time/cost/effort.
  • Reduces Paper work and improves efficiency.