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Write to us

Write to us at,
Mullakkodi CO.OP Rural Bank Ltd
No.F 1230, HO. Kolacherry
Kannur (Dt) - Pin : 670 601
Email : mullakkodi@bsnl.com
Phone : 0460 2240259, 0460 2244959


FAQ's for RTGS/NEFT

1. What is Inter Bank Transfer?

Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

  • NEFT The acronym "NEFT" stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI's NEFT service. RBI acts as the service provider and transfers the credit to the other bank's account. This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS.
  • RTGS The acronym "RTGS" stands for 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). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). The RTGS system is the fastest possible interbank money transfer facility available through secure banking channels in India.

 

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The information's, suggestions, circulars etc. are collectively stated "the content" in this website . If the said content contains any mistakes, inaccuracies and typographical errors, etc. Mullakkodi Bank assumes no responsibility thereof. Mullakkodi bank reserves its right to correct any part of the said content at any time.