RTGS-NEFT -SWIFT

Real Time Gross Settlement System (RTGS) & National Electronic Fund Transfer system (NEFT)

Bank offers Real Time Gross Settlement System (RTGS) & National Electronic Fund Transfer system (NEFT) which enables an efficient, secure, economical and reliable system of transfer of funds from bank to bank as well as from senders account in a particular bank to the beneficiary’s account in another bank across the country. RTGS & NEFT systems work on all days 24 * 7* 365. All the account holders are requested to use only 15 Digit Account Number for their Inward fund transfer through NEFT & RTGS.

The Sender has to provide the following details for remitting the funds through RTGS/NEFT:

• Amount to be remitted
• Beneficiary bank Name
• Beneficiary bank IFSC code
• Beneficiary customer Name
• Beneficiary customer CBS Account number
• Sender CBS Account number
• Sender Mobile number

Customer Facilitation Center for RTGS & NEFT
ABHYUDAYA CO-OP BANK LTD
Manager
NEFT Cell,
Abhyudaya Bank Building,
S.G.Barve Marg,
Nehru Nagar,Kurla (East)
Mumbai 400 024
Telephone : 09653261383
Email : neftcell[at]abhyudayabank[dot]net

Electronic payment products - Processing inward transactions based solely on account number information

Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the sender / originator. While the beneficiary’s name shall be compulsorily mentioned in the instruction request, and carried as part of the funds transfer message, reliance will be only on the account number for the purpose of affording credit. This is applicable both for transaction requests emanating at branches and those originated through the online / internet delivery channel.  (For details Refer RBI Circular No. RBI/2010-11/235 DPSS (CO) EPPD No. / 863 / 04.03.01 / 2010-11 dated October 14, 2010). Therefore, the credit will be effected based solely on the beneficiary account number information and the beneficiary name particulars will not be used therefor. As such sender has to be cautious on the account number of beneficiary while transferring the amounts in electronic mode.

RTGS (Real Time Gross Settlement) is an electronic payment platform of Reserve Bank of India which provides online settlements and processes the transaction individually and continuously, on a real time basis, throughout the day. Using RTGS, Customers of the Bank can remit Rs. 2 Lakh and above to the beneficiary’s account in another Bank. The fund transfer requests under RTGS are allowed on all days 24*7*365.

The National Electronic Fund Transfer System (NEFT) is introduced for retail customer transactions. NEFT transactions are processed and settled in half hourly batches from 00.30 am to 24.00 pm on all working days. Using NEFT, Customers of the Bank can remit any amount (even beyond Rs. 2.00 Lacs) to the beneficiary’s account in another Bank.

 

ROUTES FOR RECEIVING FOREIGN INWARD REMITTTANCES IN USD/EUR/GBP

1) FOR INWARD REMITTANCES IN U S DOLLAR :

Field No. 56(A)            : SWIFT Code ………...: BKIDUS33
Correspondent Bank: Bank of India, New York

Field No. 57(A)           : SWIFT Code………….: ACBLINBB
Account Number…   : 1211 2160 4447 001
Beneficiary Bank……: Abhyudaya Co-op Bank Ltd, Mumbai

Field No. 59                 : Name of beneficiary : Mr/Ms…………………….
Account Number ….  : …………………………………….( 15 digit No) 
Name of the branch   : …………………………………………….
                                       SWIFT MT 103 TO BE SENT TO: ACBLINBB

2) FOR INWARD REMITTANCES IN EUR :

Field No. 56(A)            : SWIFT Code ………...  : BKIDFRPP
Correspondent Bank: Bank of India, Paris

Field No. 57(A)            : SWIFT Code………….: ACBLINBB
Account Number……: 330121610000011
Beneficiary Bank……: Abhyudaya Co-op Bank Ltd,Mumbai
Field No. 59                  : Name of beneficiary : ............……………
Account Number ….: ……………………………….  ( 15 digit No)
Name of the branch : ………… SWIFT MT 103 TO BE SENT TO :ACBLINBB

3) FOR INWARD REMITTANCES IN POUND STERLING (GBP):

Field No. 56(A)             : SWIFT Code ………...:  BKIDGB2L
Correspondent Bank  :  Bank of India, London

Field No. 57(A)             : SWIFT Code………….:  ACBLINBB
Account Number…… :  0171009803
Beneficiary Bank…… :  Abhyudaya Co-op Bank Ltd, Mumbai

Field No. 59                   : Name of beneficiary :  Mr/Ms.........…………………..
Account Number …   .:   ........…………(15 digit No)                        
Name of the branch    :    ……………………… SWIFT MT 103 TO BE SENT TO : ACBLINBB   

Terms & Conditions ( RTGS / NEFT ) : -

• The remitter agrees with RTGS/NEFT Rules and regulations enumerated by RBI.
• The remitter authorises Abhyudaya Co-op Bank Ltd. to receive charges plus GST as may be applicable by debiting remitter account as mentioned in application form.
• The remitter understands that as per extant regulations, Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary CBS account number information, rests with the remitter/originator. Even though the beneficiary’s name is mentioned in the instruction request, reliance will be only on the CBS account number for the purpose of affording credit
• The remitter hereby agrees that details including the IFSC code & beneficiary account details are correct. The remitter further acknowledges that Abhyudaya Co-op Bank Ltd accepts no liability for any consequences arising out of erroneous details provided by them.
• In the event of funds being returned by the beneficiary bank for reason whatsoever, the same will be credited to the remitter’s account.
• The remitter agrees that they are aware that there is a risk of non-payment to the beneficiary on the day of the transaction. The same may be for any reason whatsoever including a holiday at the beneficiary’s branch. The Bank or RBI or any other participant in the RTGS/NEFT shall not be liable, in any manner whatsoever, to them for such delay.
• Funds transfer shall be effected only when the designation Bank/Branch is participating in RTGS/NEFT.
• The remitting Branch/Bank shall not be liable for delay/non-payments to the beneficiary if:-
   
  1. Incorrect & insufficient details of beneficiary are provided by the Applicant/Remitter
  2. Dislocation of work due to the circumstances beyond the control of Remitting/Destination Banks like non functioning of Computer System, disruption of work due to natural calamities, strike, riot, declared/undeclared holidays, etc. Or internal problems or other causes beyond the control of the Branch/Bank resulting in disruption of communication.
      
• All payment instructions should be checked carefully by the remitter. Bank shall not be liable for crediting remittance amount to wrong beneficiary on account of incorrect information furnished by the remitter in the application form.
• The remitter shall be bound by any payment if the bank had executed the payment order in good faith and in compliance with the security procedures unless he proves that he did not issue the payment order executed by the bank and caused by negligence of fraud of the employee of the bank shall be limited to refund of the amount together with interest at bank rate up to the date of refund.
• The remitter shall ensure the availability of sufficient funds in their account before execution of the payment order.
• A payment instruction issued for execution shall become irrevocable when it is execute by the remitting bank, because any revocation after the payment instruction is executed by the remitting bank shall not be binding on any other party in the RTG/NEFT system.
• The remitter hereby agrees that when he/she is personally attending the bank (Base Branch where he/she maintains account) for transfer of funds through RTGS/NEFT by debit to his/her account. Bank’s RTGS/NEFT mandate duly signed by customer is sufficient authority to the bank for debiting the amount to his/her account and to remit the funds to the beneficiary through RTGS/NEFT. In all other cases (not coming personally to the base branch/ ABB transactions) customer will have to produce the application along with a cheque duly signed by him/her to debit his/her account for fund transfer through RTGS/NEFT.
• In case RTGS & NEFT option is not ticked by the remitter, Bank shall be authorised to execute the transaction as per Bank discretion.