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What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?.

The above mentioned facilities are available to both Retail and Corporate Internet Banking users of SBI (provided they have availed transaction rights). The system will be available on all days of the year, on a 24 x 7 basis, including holidays. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours. There will be 48 half-hourly batches every day. Presently, NEFT operates in half hourly batches. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. NEFT- National Electronic Fund Transfer- This system of fund transfer operates on a Deferred Net Settlement basis.

RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India. Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS- Real Time Gross Settlement- This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Both these systems are maintained by Reserve Bank of India. There are two systems of Inter Bank Transfer – RTGS and NEFT. Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch.