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Kotak Mahindra Bank RTGS Form

Home Banking in India Kotak Mahindra Bank RTGS Form

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Updated: 23-06-2022 07:51:54 AM

Real Time Gross Settlement is a common name when it comes to big volume transactions. RTGS is a mode of continuous payment which is made based on every individual transaction, unlike bulk transactions in NEFT. This electronic payment system is available only if the payment amount is more than Rs. 2 lakhs. According to RBI guidelines, the RTGS payment has to be made within 30 minutes of initiation of the process. The applicant needs to fill the Kotak Mahindra Bank RTGS form to process the transaction.

 

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How to Fill Kotak Mahindra Bank RTGS Form
Points to Remember while Filling Kotak RTGS Form

How to Fill Kotak Mahindra Bank RTGS Form

Kotak Mahindra Bank has a single form for NEFT and RTGS. So, it is important that the applicant selects the right option when filling it up.

(Image Source: Kotak Mahindra Bank)

The remitter needs to fill up the following details in the Kotak Mahindra Bank RTGS form:

  • Beneficiary bank name
  • Beneficiary bank branch
  • Amount to be transferred
  • Sender bank branch name
  • Beneficiary bank IFSC code
  • Cheque number if the amount is paid through cheque
  • Account number if the amount is to be debited from the account
  • Beneficiary account type (current/savings/NRE/Overdraft/Cash Credit/Credit Card/Loan)

After submitting the RTGS form, the applicant gets an acknowledgement slip. If the money transfer is delayed, the UTR mentioned in this slip can be used to raise a complaint. The applicant can also escalate the issue to the grievance cell of the Reserve Bank of India.

Kotak RTGS Form Acknowledgement Slip

The terms and conditions which the sender must accept to initiate RTGS money transfer are also mentioned in the Kotak RTGS form. These are:

  • If the beneficiary bank is not a participant in the RTGS process, the transaction will be rejected
  • The bank will not be liable if the beneficiary details (bank account number, IFSC code as bank name) are entered incorrectly and for which the payment gets credited in an incorrect account

Points to Remember while Filling Kotak RTGS Form

While filling up the Kotak RTGS form, the account holders should keep in mind that RTGS is possible only within the country. The transactions are directly controlled by RBI and the settlement is irreversible (because the settlement takes place directly in the record books of the Reserve Bank of India). RTGS fund transfer falls under India’s Interbank Transfer Scheme. One should remember following points while filling Kotak RTGS form:

  • Applicants can fill the form online and request for online payment through net banking or mobile banking
  • The form is available in both English and Hindi. The local branches might even have the form in local languages, depending on the availability
  • Kotak charges a nominal fee if the RTGS transaction is made at the bank branch; it is free through net banking and mobile banking
  • The transactions can be initiated at any time from Monday to Sunday. The RBI has made RTGS available to all customers 24x7x365; if the transactions are carried on after the cut-off time, these are processed on the next business day
  • The timings are bit different for Mumbai city and are clearly mentioned at the Kotak website
  • Kotak permits online RTGS transaction only if the applicant has single or unconditional signing authority on the account
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