If a customer wants to use a secure mode for transfer of his funds which are in huge amount like lakhs then he/she should use RTGS and NEFT method. Bank of Maharashtra allows it’s customers to fill RTGS/NEFT application forms so that customers can relax knowing that their transaction will be processed securely.
Bank of Maharashtra uses RTGS forms to transfer funds which are more than 2 lakhs, while NEFT is used for the exchange of money which is less than 2 lakhs in amount.
RTGS: Real-Time Gross Settlement & NEFT: National Electronic Fund Transfer System are two systems that are used by almost all banks of India to process an easy and secure exchange of funds from one bank account to another bank accounts across the nation.
Before you follow the steps to fill the RTGS and NEFT forms, you must have the information which is given below-
- Transfer Amount
- Beneficiary Account No.
- Beneficiary Bank Name
- Beneficiary Customer Name
- Beneficiary Bank Account Number
- IFSC code of Beneficiary Bank Branch
Now you have to follow the below-mentioned steps thoroughly to fill the form correctly –
- RTGS and NEFT forms have two sections
- The left section has to be used by the customers
- The right section is for Bank use
- Sender Account Details, Beneficiary Account Details, Beneficiary Bank IFSC Code and the amount of money which the customer wants to transfer have to be filled by the customer himself in the left section
- The right section of the form will be filled by the employee of the Bank of Maharashtra. When the transaction is successful, the employee will fill the right section where he/she will put the transaction id along with other details.