NEFT/RTGS is now available for your business purchases

Frequently Asked Questions

• How does NEFT and RTGS work?

  The Reserve Bank of India provides their NEFT service to transfer funds from a participating bank’s account to another by crediting the receiver. RTGS is a system of continuous and real-time settlement of fund transfers.

   

  RTGS is faster than the NEFT procedure as it happens in real-time.

   

  NEFT	RTGS
  Transfer funds starting from Re.1	Transfer Funds starting from Rs.2,00,000.
  Used for low to medium value transactions.	Used for high-value transactions.
  Processed in batches.	Processed individually.
  Settlement on a half-hourly basis.	Settlement on a real time basis.
  Rs.50,000 per transaction is allowed	No limit on the amount that can be transferred per transaction.

• What are the essential details required for remitting funds through the NEFT system?

  For remittance of funds via NEFT, the following details are required -

   

  • Beneficiary's Name
  • Beneficiary's Branch Name
  • Beneficiary's Bank Name
  • Beneficiary's Account Type
  • Beneficiary's Account No.
  • Beneficiary's Branch IFSC code

• Which is costly, NEFT or RTGS?

   

  For NEFT, the RBI does not charge anything from its member banks. The RBI has instructed the NEFT member banks not to charge any amount for crediting funds remitted to beneficiary accounts. However, for outward NEFT transfers, the RBI has laid down the maximum charges.

   

  a)       Starting from 1st January 2020, the RBI has advised banks not to charge their savings bank account holders for online NEFT funds transfers.

  b)      The maximum amount that can be charged for outward transactions at the originating bank for other transactions are as follows-

   

                                  i) Transfers up to Rs.10,000 : charges must not exceed Rs.2.50 (+ GST)

                                 ii) Transfers above Rs.10,000 up to Rs.1 lakh: charges must not exceed Rs.5 (+ GST)

                                iii)  Transfers above Rs.1 lakh and up to Rs.2 lakhs: charges must not exceed Rs.15 (+ GST)

                                iv)  Transfers above Rs.2 lakhs: charges must not exceed Rs.25 (+ Applicable GST)

   

  For RTGS,

  a)       Inward transactions – Free, no charge to be levied.

  b)      Outward transactions –

                                  i) Transfers from Rs.2 lakhs to 5 lakhs : charges must not exceed Rs.24.50 (exclusive of tax, if any)

                                 ii)  Above Rs.5 lakhs : charges must not exceed Rs.49.50 (exclusive of tax, if any)

   

  Banks may charge a lower rate from their customers but cannot charge more than the rates prescribed by RBI.

   

• How much time should I expect for receipt of funds by Amazon Business?

  For NEFT, Amazon Business can receive the funds within 30 minutes of placing the NEFT request.

   

  For RTGS, Amazon Business should receive the funds as soon as the RTGS transfer request is placed. However, the maximum time it may take is 30 minutes.

• Do I need to immediately make the payment through this method?

  After adding items to the shopping cart, you can select NEFT/RTGS as the payment method and complete the order placement. Amazon will hold the order for 24 hours. You would need to make payment to Amazon via NEFT/RTGS within 24 hours of order placement to avoid order cancellation.