RTGS

The Mandal Nagrik Sahakari Bank Ltd (under The Gujarat State Cooperative Bank Limited) offers Real-Time Gross Settlement (RTGS) services for fast and secure fund transfers.

What is RTGS?

RTGS is a funds transfer system where money is transferred from one bank to another on a "real-time" and "gross" basis.

♦ Real-Time: The transaction is processed immediately upon receiving the instruction.

♦ Gross Settlement: The transaction is settled individually, without netting with any other transaction.

This system facilitates the instantaneous movement of funds to the beneficiary's bank account.

Key Features 

♦Minimum Transaction Limit: The minimum amount for an RTGS transaction is ₹2,00,000/− (Two Lakh Rupees). There is generally no upper limit specified by the bank for branch-based RTGS.

♦ Transfer Timing: Funds are credited to the beneficiary's account generally within a maximum time-frame of two hours of the settlement.

♦ Availability: RTGS services are typically available during specified business hours on working days. (Specific bank timings for RTGS should be confirmed with the branch).

♦ Security: It is a safe and secure mode of fund transfer regulated by the Reserve Bank of India (RBI).

Information Required for Sending an RTGS Payment (Outward Remittance):

To send money via RTGS, you will need to provide the following details:

♦ Amount to be remitted (Minimum ₹2,00,000/−).

♦ Your account number which is to be debited.

♦ Beneficiary Name (The person or entity receiving the funds).

♦ Beneficiary Account Number.

♦ Beneficiary Bank Name.

♦ Beneficiary Bank Branch Name.

♦ IFSC (Indian Financial System Code) of the beneficiary's bank branch.

Information for Receiving an RTGS Payment (Inward Remittance):

To receive funds via RTGS to your account at The Mandal Nagrik Sahkari Bank Ltd, you need to provide the remitter with:

♦ Your Name.

♦ Your Account Number.

♦ Bank Name: The Mandal Nagrik Sahakari Bank Ltd (under The Gujarat State Cooperative Bank Limited).

♦IFSC Code of The Mandal Nagrik Sahakari Bank Ltd Branch: GSCB0UMNSBL (This is the common IFSC for the main branch, but always confirm the correct IFSC for your specific branch if applicable).

To use the service, customers typically need to fill and sign a Funds Transfer Instruction Form available at the bank branches.