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Snapshot of NEFT/RTGS/IMPS at YES Bank
| NEFT | RTGS | IMPS |
Minimum Transfer Value | Re.1 | Rs. 2 Lakhs | Re.1 |
Maximum Transfer Value | Up to daily transaction limit | Up to daily transaction limit | Rs. 2 lakhs per transaction. Multiple transactions of 2 lakh can be done up to the daily transaction limit |
Settlement Type | Half hourly basis | Real time | Real time |
Service timings | Available 365 days 24*7 | Available 365 days 24*7 except the interval between start and end of day processes. | Available 365 days 24*7 |
Transaction Charges | Via NetBanking/ Mobile Banking – Free Per Transaction Charges Via Branch: Rs.2.5 - up to Rs.10K; Rs.5 - Rs.10,001 up to Rs.1 Lakh; Rs.15 - Rs.1,00,001 up to Rs.2 Lakhs; Rs.25 - Above Rs.2 Lakhs | Via NetBanking/ Mobile Banking – Free Per Transaction Charges Via Branch: Rs.25 - Above Rs.2 Lakhs and up to Rs.5 Lakhs; Rs.50 - Above Rs.5 Lakhs | Via Mobile Banking - Free Via Netbanking - Rs.5 per transaction |
Electronic fund transfers are fast and secure. Digital transactions have removed the need to withdraw cash for most of your daily needs. Rents, credit card bills, insurance payments, school fees, utility bill payments, sending money to your loved ones, and many more transactions are now at your fingertips, literally. You can carry out these electronic transfers either through internet banking or mobile banking. These days, there is also SMS Banking and Whatsapp Banking, though they are yet to gain popularity.
YES Bank offers prominent fund transfer options, viz. NEFT, RTGS & IMPS. Customers can now transfer money from their YES Bank account to any other bank account in a few simple clicks. Also, these fund transfers can be done 24x7, removing the need to rush to the bank during working hours.
YES Bank NEFT
The National Electronic Funds Transfer (NEFT) system is an electronic payment system that allows for direct money transfers between bank accounts. Money is transferred directly from your bank account to the bank account of another individual in every NEFT network bank and branch.
NEFT transfers are available 24 hours a day, 7 days a week. Deferred Net Settlement (DNS) guarantees that NEFT transactions are resolved in batches. A cut-off time is set in advance, and all transactions obtained before then are resolved in batches. These transactions (payables and receivables) are netted out in NEFT.
- With NEFT, you can transfer up to your daily limit. The daily transaction limit is set by the bank. The daily limit is calculated on all the NEFT transactions done in a day.
- YES Bank NEFT cut off timings is 8 AM - 7 PM on weekdays and 8 AM – 1 AM on Saturdays. Transactions done after 7 PM will be processed the next day.
- NEFT transactions are generally not processed on 2nd and 4th Saturday, National holidays and Bank holidays.
YES Bank RTGS
RTGS (Real Time Gross Settlement) is a fund transfer system that allows money to be sent in 'real time' without the need for batch processing.
- This electronic fund transfer system enables you to transfer money instantly from your YES Bank account to any other bank account, provided the beneficiary's bank is also part of RBI's Real-Time Gross Settlement (RTGS) scheme.
- The RTGS method is usually used for transactions of high volumes.
- The smallest sum that can be transferred using this method is Rs. 2 lakhs.
- Within 30 minutes, the funds are transferred to the beneficiary's bank account.
YES Bank IMPS
The Immediate Payment Service (IMPS) is an inter-bank electronic funds transfer system that allows you to send money from your YES Bank account to another bank's account. This service is available 24 hours a day, seven days a week, including holidays.
How to transfer funds from my YES bank account to another bank account?
- You can transfer funds from your YES Bank account to another bank account using NEFT, RTGS or IMPS.
- Also, you can either use the Yes Mobile App or YES Bank internet banking services to transfer funds.
- Once you have logged in, go to the ‘Fund Transfer Dashboard’ under the ‘Fund Transfer’ Menu option in the top left menu to initiate a fund transfer.
- You need to first add the recipient as a beneficiary to your account. Once registered, the beneficiary details will appear under the ‘Registered Acc’ tab under the fund transfer menu.
- You can also use the ‘Adhoc Transfer’ option to make an ad-hoc transfer or a one-time transfer to a beneficiary. You need to know their account number, branch name and branch IFSC Code to do this.
- Once you select the beneficiary, enter the transfer amount and the transfer mode, i.e. NEFT, RTGS or IMPS. You will be required to authenticate the transaction with an OTP.
- Once authenticated, the amount is transferred to the beneficiary.
Points to remember while using YES Bank NEFT, RTGS or IMPS
- Fund transfer is initiated based on the account number you enter. So make sure that you enter the correct account number.
- Funds once transferred cannot be reverted back. So it is important that you enter the correct beneficiary details.
- To transfer funds using NEFT, RTGS or IMPS, the recipient bank should also be a member of these payment schemes.
- Ensure that there are sufficient funds in your bank account before initiating a fund transfer.
- If a transaction fails, check the transaction status before initiating another fund transfer
FAQs
1. Does YES Bank charge for NEFT transactions?
NEFT transactions done via the YES Mobile app and YES online banking is not chargeable. NEFT transactions done at the branch will be chargeable. Refer to the table given at the top of the page for the charges.
2. What is the maximum amount I can transfer using YES Bank NEFT?
The maximum amount you can transfer per session of the NEFT transaction is Rs.50,000. Though RBI doesn’t specify a maximum limit for NEFT, YES Bank will determine your daily transaction limit based on your account type.
3. Can I schedule an RTGS transaction in advance with YES Bank?
No, YES Bank doesn’t have the provision of scheduling an RTGS transaction in advance.
4. What is an IFSC Code?
The Indian Financial System Code (IFSC) is an 11-character code that is used to identify the bank and branch where an account is held. The IFSC code is used to transfer money to a particular bank account and is unique to each branch of the bank.
5. What should I do if I don’t know the IFSC Code of the beneficiary account?
Don’t worry. If you don’t know the IFSC Code of the beneficiary account, click on the ‘I don’t know IFSC Code’ option next to the IFSC Code field. You can now search for the IFSC code using the bank name, city and branch name.
6. Who can use the YES Bank IMPS service to transfer funds?
IMPS service can be used by any YES Bank account holder who wants to transfer funds to a bank account that is a member of the NPCI’s Immediate Payment Services Network.
7. What is the time taken to transfer funds using NEFT, RTGS or IMPS?
RTGS and IMPS are real-time settlements while NEFT transfer is done in batches. While IMPS and RTGS transfers are done instantly, NEFT transfers may take anywhere from 30 mins to 4 hours.
8. What if I did an NEFT transfer after 7 PM?
Transfers done after 7 PM will be processed the next day in the first batch.
9. Is IMPS transaction free on YES Bank?
IMPS transactions done on the Yes Mobile app are free. IMPS transaction done via internet banking attracts a charge of Rs.5 per transaction.
10. Can I transfer 20 lakhs through YES Bank RTGS?
Yes, using online banking services, you can transfer up to Rs.20 lakhs from your YES Bank account. If you want to transfer beyond this limit, you can go to the branch and do it.
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