How To Do RTGS Through NEFT Banking or Through Cheque: If you want to know the princess of how to do RTGS by using net banking or with the help of a cheque then this article is going to be so helpful for you.
As you know that RTGS which is also known as real-time gross settlement is one of the methods to transfer money. It mainly gets used for high-value transactions which need immediate settlement.
In India, RTGS is mainly available by net banking and cheque methods.
How To Do RTGS Through NEFT Banking or Through Cheque?
Here in this article, we are going to talk about the process of how to do RTGS through net banking and cheque.
How To Do RTGS Through Net Banking?
RTGS by net banking is one of the simple and easy methods to transfer money from one bank to another bank in real time.
Here, we are going to share some of the steps and methods to do the RTGS by using net banking.
Step 1: Login To Your Net Banking Account
You have to make a login into your net banking account by simply entering your login Id and password.
Step 2: Select the RTGS Option
After making a login, you have to simply select the RTGS option from the list of the services which are provided by the bank.
Step 3: Fill in the Required Details
Now, you need to enter the beneficiary bank account details like your account number, bank name, and branch name and you have to enter the amount which you are willing to transfer.
Step 4: Verify the Details
When you enter all the details then you have to simply verify them before proceeding. Ensure that you have entered all the details in a correct manner.
Step 5: Confirm the Transaction
After the verification of the details, you are required to confirm the transaction. Once your beneficiary gets the payment, you will get a confirmation email, a message from the bank on the registered email id, and a phone number.
How To Do RTGS Through Cheque?
RTGS by cheque is one of the traditional methods to transfer funds from one bank to another. It is one of the reliable methods and it can simply get used by lots of people.
Here we are going to share the steps to do the RTGS by the check.
Step 1: Fill in the RTGS Form
First of all, you are required to fill up the RTGS form which is provided by the bank.
In the form, you need to enter details of the beneficiary details as the beneficiary name, account number, bank name, and branch name.
Step 2: Attach the Cheque with the RTGS Form
After entering all the details into the RTGS form, you need to simply attach the cheque for the amount which you are willing to transfer. The cheque will be drawn in favor of the beneficiary.
Step 3: Submit the Form and Cheque
When you enter all the details into the form and also attach the cheque then you have to simply submit them to your bank.
After that, the bank process the request of RTGS and transfer the money to your beneficiary.
How to Fill a Cheque to Pay through RTGS?
- Write the date on the cheque.
- Write the name of the person or company.
- Write the amount in words and numbers.
- Cross the cheque and write “A/C Payee” or “Account Payee.”
- Sign the cheque.
- And Deposit your Cheque along with RTGS form in the Bank.
What is RTGS?
RTGS mainly stands for real-time gross settlement and it is one of the financial transaction systems which is used to transfer large amounts of money between banks or financial institutions in real-time.
The system is mainly used for the high-value transaction which needs immediate settlement like the business to a business transaction, government payments, or other large financial transactions.
RTGS operates on a gross settlement basis which means that every transaction will get settled individually and in real-time as well without being netted against the other transaction.
RTGS systems mainly use electronic fund transfer mechanisms to simply transfer the funds between banks or financial institutions.
It is also done by simply transmitting the payment messages between the banks or the financial institutions which will get settled in real-time.
The RTGS system will mainly be used in all the countries of the world and they are mainly operated by the central banks or other financial institutions.
In India, RTGS is mainly provided by the Reserve Bank of India and it is mainly available for all the customers of all the banks.
RTGS is one of the fast and most reliable methods to transfer money from one bank account to another in real-time. It is mainly available by net banking and cheque methods.
RTGS by net banking is one of the easy methods to transfer money and it can easily get done from the comfort of your home or by sitting in your office.
RTGS by cheque is one of the traditional methods to transfer money and it will also get used by lots of people.
It is so important for you to ensure that all the details which you enter are correct before you confirm the transaction to avoid any type of issues or errors simply.
We hope now you know how to do rtgs through net banking or through cheque and if you still have any doubts, then you can drop your queries in the comment section below.