Kotak Mahindra Bank incorporates the facility of transfer of funds from one account to another using RTGS and NEFT. Customers who want to transfer money more than 2 lakhs in amount, then they should fill Kotak Mahindra Bank’s RTGS form while those who want to transfer less than 2 lakhs should fill NEFT form and then submit it.
RTGS: Real-Time Gross Settlement & NEFT: National Electronic Fund Transfer System is used by the banks for secure transfer of funds through protected channels.
Before following the steps to fill RTGS and NEFT forms, you must arrange the information 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 follow the below-given steps thoroughly to fill the form correctly –
- There are two different sections in RTGS and NEFT forms
- The left section is for the customers
- The right section is for the Bank use only
- Some information like the Sender Account Details, Beneficiary Account Details, Beneficiary Bank IFSC Code and the amount of money which the customer wants to transfer has to be filled by the customer himself in the left section
- The right section will be filled by the employee of Kotak Mahindra bank. When the transaction is successful, the Bank employee will fill the right section where he/she will enter the transaction id along with the other details.