RTGS – 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). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. Transaction Timings for RTGS, Monday to Saturday (Except 2nd and 4th Saturday) is 8:15 AM to 4:15 PM.
NEFT– National Electronic Fund Transfer – 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. Transaction Timings for NEFT, Monday to Saturday (Except 2nd and 4th Saturday) is 8:00 AM to 6:30 PM.
IMPS – Immediate Payment Service – Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.
INWARD REMITTANCE- Inward remittance facility from any other Bank to your own account is available through ICICI Bank. by using Bank,s own IFSC Code.This facility also competable to transfer fund from abroad.