Before understanding whether can we do RTGS without cheque or not, I’d like to say that compared to other methods of money transmission, RTGS can provide you with a number of advantages. For instance, it has no amount cap and is a safe and secure way to transfer payments. The facility is open every day and around the clock.
Can I do RTGS without cheque?
If you are wondering whether can RTGS be done without cheque, I’d like to say that, Yes if using RTGS from the branch, a cheque or a demand draft is required. However, there is no need for a cheque while using electronic platforms like mobile apps or internet banking.
I hope this clarifies your query about whether do I need cheque for RTGS.
Large-value transactions are the main purpose of the RTGS system. The minimum amount that can be transferred with RTGS is Rs. 2,000, with no upper or lower limit.
Hope this helps:)
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Offline RTGS Transactions: RTGS without cheque
While those who live in semi-metropolitan and big cities can instantly transfer money via NEFT or RTGS, there are still a lot of people who cannot. In India, many people lack basic knowledge of internet money transfers. This is due to the fact that not everybody in our nation has access to either a computer or a mobile phone. Even if they do, network problems and unreliable wifi make online fund transfers a pipe dream. The NEFT and RTGS facilities can be used offline to enable these folks to take advantage of electronic fund transfer initiatives. By going to the closest branch of your bank, you can complete the NEFT and RTGS transactions offline. This enables those without internet or computer access to complete an NEFT or RTGS transaction. Additionally, NEFT/RTGS transactions are also available offline for those who are hesitant to use the internet method due to the risk of fraud. For instance, if you have an account with HDFC Bank and would like to send money by NEFT or RTGS, you have the option of going to the HDFC Bank branch that is the closest to you. Just make sure the branch you go to has an HDFC Bank IFSC Code and is NEFT/RTGS enabled.How to do RTGS without cheque?
You can use the methods listed below to conduct an offline NEFT and RTGS transaction along with a request letter to bank for RTGS payment without cheque:- Visit your bank's nearest NEFT/RTGS-enabled branch.
- The NEFT/RTGS money transfers request form should be filled out. Make sure to provide information such as the recipient's name and account number, the transfer amount, the beneficiary bank's name, and the beneficiary bank branch's IFSC code, such as HDFC Bank IFSC Code.
- When submitting an application form for an RTGS transaction, include a check leaf.
- Send the bank staff the request form.
- The bank representative will use NEFT or RTGS to debit the funds from your account and send it to the beneficiary's branch.
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Authors Of The Question
How to Do RTGS Without Cheque?
Piyush
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2 Answers
2 Year
2022-08-04T15:47:12+00:00 2023-09-17T20:27:15+00:00Comment
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