IFSC Code : PUNB0PGB003

NEFT

NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.

In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable

and receivables) in NEFT whereas in RTGS the transactions are settled individually. For example, currently, NEFT operates in hourly batches.

RTGS

The acronym `RTGS` stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). `Real Time` means the processing of instructions at the time they are received rather than at some later time; `Gross Settlement` means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

IMPS

* PGB IMPS (Immediate Payment Service) facilitates instant Inter Bank fund transfer on 24X7 basis.

* Funds can be transferred using MMID & Mobile Number or Account Number & IFSC.

* Service available 24×7, throughout the year including Sundays and Bank holidays.

NACH

NACH (National Automated Clearing House) is a funds clearing platform set up by NPCI (National Payments Corporation of India) similar to the existing ECS of RBI. NACH (Debit) & NACH (Credit) aims at facilitating interbank high volume, low value debit/credit transactions, which are repetitive in nature,electronically using the NPCI service.