RTGS is a payment system in which both processing and final settlement of fund transfer instructions take place on real time basis. It is a gross settlement system where fund-transfers are settled individually, i.e. without netting debits against credits. RTGS effects final settlement continuously and the settlements are immediate, final and irrevocable. Each Bank branch participating in the RTGS is identified by a unique Indian Financial System Code (IFSC).
With the advancement of the Technological changes in the Banking industry the RTGS introduction has become a boom in settling the Interbank funds instantaneously. The Customer can avail this facility and make instantaneous transfer of funds to beneficiary account, Karnataka Bank is a member of Real Time Gross Settlement (RTGS) System from 16th July 2004 and has been settling Inter-Bank transactions in Mumbai since then. MoneyQuick services can be accessed by customers which uses RTGS service. This MoneyQuick facility provides INTERBANK funds transfer.
The minimum amount for Interbank funds transfer facility for customers under MoneyQuick is fixed at ₹2,00,000 (Rupees Two Lakh only).
Service Charges for outward customer transactions - ₹2 lakh to ₹5 lakh is ₹25/- and for Above ₹5 lakh is ₹50/- per transaction plus service tax.
Service Charges for Inward customer transactions - FREE.
We are offering ECS (Electronic Clearing Service) to our customers. ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, insurance premium etc. Essentially, ECS facilitates bulk transfer of money from one bank account to many bank accounts or vice versa. ECS includes transactions processed under National Automated Clearing House (NACH) operated by National Payments Corporation of India (NPCI).
ECS Credit is used by an institution for affording credit to a large number of beneficiaries (for instance, employees, investors etc.) having accounts with bank branches at various locations within the jurisdiction of a ECS Centre by raising a single debit to the bank account of the user institution. ECS Credit enables payment of amounts towards distribution of dividend, interest, salary, pension, etc., of the user institution.
ECS Debit is used by an institution for raising debits to a large number of accounts (for instance, consumers of utility services, borrowers, investors in mutual funds etc.) maintained with bank branches at various locations within the jurisdiction of a ECS Centre for single credit to the bank account of the user institution. ECS Debit is useful for payment of telephone / electricity / water bills, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium etc., that are periodic or repetitive in nature and payable to the user institution by large number of customers etc.