Canara Bank, serves over 110 million customers, with a diverse range of services and products. Among various banking facilities, the bank offers RTGS transactions to customers. To avail this service one needs to fill out the Canara Bank RTGS form.
Canara Bank RTGS Form: Overview
| Type of Form | RTGS/NEFT Form |
| Name of Bank | Canara Bank |
| Official Website | Canara Bank Official Website https://canarabank.com/ |
| Language | English |
| Uses of Form | Online Transfer of Funds |
| Minimum Limit | ₹2 lakhs |
| Maximum Limit | No Limit |
| Beneficiary | Bank Customers |
| Canara Bank RTGS Form PDF | Download PDF |
What Is Canara Bank RTGS?
Real Time Gross Settlement (RTGS) is an electronic payment system where fund transfers are settled individually on a transaction-by-transaction basis instantly in real-time. Here, ‘Real Time’ means the processing of instructions as soon as they receive it; and ‘Gross Settlement’ stands for the individual settlement of transaction instructions.
RTGS is only for transaction amounts equal to or above ₹2 lakhs.
What Is Canara Bank NEFT?
National Electronic Fund Transfer (NEFT) is an electronic payment system which settles payment instructions at fixed intervals. It is a nationwide centralised payment system that the RBI owns and operates. There is no minimum or maximum transaction limit for NEFT.
How to Download the Canara Bank RTGS Form?
To download the Canara Bank NEFT/RTGS form, follow the steps below:
- Step 1: Open your browser and search ‘Canara Bank RTGS form’.
- Step 2: You will find multiple results. Find one that hands you the PDF file of the application.
- Step 3: Click on the Canara Bank RTGS NEFT form and download it.
How to Fill Canara Bank RTGS Form?
To proceed with an RTGS transaction, the sender has to fill out the form with certain information. Take a look at the details one has to provide in the Canara Bank RTGS form:
- Transaction amount
- Sender’s account number (in case he/she opts to debit the amount from the bank account)
- Cheque number (in case he/she decides to pay the money via cheque)
- Beneficiary account number, bank name, and IFSC code
- Beneficiary name and mobile number
Apart from that you can also provide sender to receiver information.
Canara Bank RTGS/NEFT Timings
Here’s a table mentioning RTGS/NEFT timings:
| Payment System | Timing |
| RTGS | Instantly (as soon as the remitting bank transfers the funds) |
| NEFT | 2 hours from the batch settlement |
Canara Bank RTGS and NEFT Charges
Take a look at the table for service changes applicable to RTGS and NEFT:
| Amount of RTGS | Transaction Service Charges (Exclusive of GST) |
| ₹2 lakhs to ₹5 lakhs | ₹25 |
| Above ₹5 lakhs | ₹50 |
| Amount of NEFT | Transaction Service Charges (Exclusive of GST) |
| Up to ₹10,000 | ₹2.50 |
| Above ₹10,000 up to ₹1 lakh | ₹5 |
| Above ₹1 lakh up to ₹2 lakhs | ₹15 |
| Above ₹2 lakhs | ₹25 |
Note: Charges are applicable only for outward transactions.
What Happens if RTGS Transaction Is Not Processed on Time?
According to the RBI guidelines, if one encounters an issue of delay or non-credit to the beneficiary account, one should contact his or her bank branch.
Final Word
RTGS is a safe and secure fund transfer facility that is available 24/7 throughout the year. If you are a Canara Bank customer, you can use this payment system to transfer ₹2 lakhs or more amounts of funds in real time. Now that you know all about Canara Bank RTGS form you can opt for this option whenever you need it.
Top Investment Pages
FAQs
Yes, RTGS payments are final and irrevocable as the fund settlement takes place in the books of the RBI.
A remitter can obtain it from his or her bank branch. One can also get it from the chequebook of the beneficiary.
No, future value-dated transactions are not a feature of the RTGS payment system.
A remitter can get compensation at the current repo rate plus 2% in case there is a delay in returning a failed payment.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
