Today’s Post, deals with Tips for immediate(immediate here means within 30 minutes, of the transaction being executed by the Remitting Bank), RTGS Credit to the beneficiary’s account. Reserve Bank of A remitter has to furnish only 4 accurate details to the remitting bank, for smooth transfer of funds via the RTGS mode, to the beneficiary. They are Name of the Benficary Bank, Branch IFSC Code of the Beneficiary Bank Branch Account Number of the Beneficiary, as in the Beneficary Bank’s Books. Account Title of the Beneficiary, as in the Beneficiary Bank’s Books All the above 4 can be obtained from the Cheque Leaf of the Beneficiary’s Account. Remember:- 01) IFSC Code is the most crucial data. This is like the address, to which the Electronic Payment message has to be delivered. 02) Account Number: At present, there is no common rule, followed by Banks to allot Account Numbers, to their Account Holders. Hence, each bank, follows its own rules. The ideal account number should contain only continuous numbers. However, it is observed, that few banks have a combination of alpha numbers, slashes, gaps in the account number. Such types of account numbers are difficult to key in Electronic Message formats. Banks have realized the difficult and are switching over to Account Numbers, with continuous numbers. However, for a complete change of the account numbers, it will take at least a couple of years. 03) Mention the Beneficary Name, as in the Beneficary Bank’s Books. For eg: in the Benficiary Name, do not mention, DADDY, MUMMY, SISTER, GIFT etc. A trial amount, can be sent as a first transaction. Once, the trial transaction is through, regular transactions can commence. Executing Electronic Payments, is uncomplicated provided the above points are kept in mind. These are more important when funds are remitted from abroad. Furnishing accurate details to your banker, will help him/her, to instruct their correspondents in
Annexure:
01) IFSC expands to Indian Financial System Code (IFSC). IFSC is being used as the addressing code in user-to-user message transmission. The Payment System Applications such as RTGS, CFMS and NEFT developed by the Reserve Bank of
For Eg: VYSA00005560, stands for ING Vysya Bank, Indore Branch.
BARB0MAINOF, stands for Bank of Baroda, Main Offce,
Prior to 2006, IDBRT,(Institute for Developemt and Research in Banking Technology) used to charge Rs.5,000/- for each IFSC Code. The charge was deterring banks to allocate IFSC’s to their Branches. Hence, IDRBT, post 2006, has waived the charges for IFSC creation. At present Banks need not pay any charge to IDRBT, for IFSC.
02) Reserve Bank of India, vide its Letter-RBI/2005-06/312
Ref. DPSS (CO) No.1285/04.06.01/2005-2006, dated March 3, 2006, addressed to To the Chairmen/Chief Executive Officers of all Scheduled Commercial Banks, has made it mandatory, to print the IFSC Code of the Branch, on the Cheque Books. IFSC of the branch has to be printed just above the MICR band on the cheques preferably above the serial number of the cheque
03) More than 50,000+ Bank Branches are on the RTGS Network, as on today. The complete list can be downloaded from http://www.rbi.org.in/Scripts/Bs_viewRTGS.aspx
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