This post will teach you how to fill out the Union Bank of India RTGS form correctly in accordance with official instructions and rules. The form can be used to transfer funds between various accounts in your name, including those owned by you and those that you have authorized access to.
The use of the RTGS system enables the swift transfer of funds across the country, with no need for the recipient to be present at any bank branch to collect his or her money.
What is Union Bank of India RTGS form?
A Real Time Gross Settlement (RTGS) is a system for transferring funds electronically in real time. The settlement service is provided by all major banks in India. In an RTGS transaction, unlike an NEFT transaction, no credit entries are passed on to other banks as it settles directly with the central bank.
There are other modes of fund transfers like NEFT (National Electronic Funds Transfer), but they all take time. So, for immediate fund transfers, RTGS is preferred by many banks as well as corporates. It’s also used by banks to transfer money between their branches and head office.
All these transactions have to be supported by documents called RTGS forms that need to be filled and submitted online or offline at branch offices.
Union Bank of India RTGS over NEFT
When making any transactions using NEFT, you will have to send at least two hours to two working days in advance. However, if you are using RTGS transfers, there is no need for keeping a pre-specified time duration.
You can make your money transfer on a specific day during banking hours without having any worries about the timings and timing required for sending funds through NEFT.
This makes it more convenient to use RTGS than NEFT for urgent fund transfers. Apart from that, both systems charge a nominal amount as a transaction fee.
The main advantage that comes with an online RTGS system is that there is no requirement for maintaining a minimum balance. As long as you keep sufficient funds in your bank’s accounts, then you can execute fund transfers using RTGS.
In the case of other modes like IMPS or NEFT where every bank or union bank charges a different amount for executing fund transfer based on the number of times transferred by a customer within a month/quarter/year basis etc., banks usually give a maximum number of free transactions depending upon the type of saving accounts they offer to their customers.
So, in order to avoid such hassles, it is always better to go for RTGS.
Union Bank of India RTGS over IMPS
One of the biggest benefits is that RTGS fund transfers can be done from any bank branch which means you don’t have to depend on one particular bank branch for your transaction. With just a few clicks and with fewer online payment fees you will get money to the destination account instantly.
Also, there is no upper limit for funds transfer in the case of Real Time Gross Settlement (RTGS). You can make instant funds transfer from your account even if it has Rs 1 as a balance.
In IMPS, you need a minimum amount of Rs 10 in your account before you can initiate a fund transfer.
The second advantage of RTGS over IMPS is that unlike IMPS, where only banks are allowed to connect to NSDL (National Securities Depository Limited), anyone including non-banking financial companies (NBFCs) or corporate houses can connect directly to RBI’s RTGS system.
This is why we see many NBFCs (Banks) offering RTGS facilities to their customers.
Benifits of Union Bank of India RTGS
There is many uses of Real Time Gross Settlement (RTGS) system. The main uses are:
• It is used for settlement from one bank to another directly across its branches or through other banks as well in a single day.
• Inflationary concerns – As there is no delay in transferring money, it helps in controlling inflation and also helps check unnecessary increases in money supply by banks through over-issue of credit.
• Customer satisfaction – Customers can get their funds within minutes after depositing them with any bank. This increases customer satisfaction levels among customers because they do not have to wait for a long time to get their money back when they need it urgently.
• Disbursement of loans/advances – Banks can disburse loans/advances to borrowers quickly without much delay due to lack of liquidity.
• Reduction in working capital requirements – Since there is no requirement for maintaining cash balances, banks will be able to reduce their working capital requirements which will help them in reducing interest rates on deposits or lending rates.
• Reduction in transaction costs – Since all transactions are done online on real time basis, transaction costs will be reduced significantly which will ultimately benefit customers as well as banks.
• Risk management – Since banks can monitor their exposure to individual counterparties in real time, risk management becomes easier for them. They can easily identify risks and take appropriate action if needed.
• Information sharing – All participants in RTGS system share information about payments made/received among themselves so that they know whether payment has been made or not.
How to fill Union Bank of India RTGS form?
The first step towards filling up UBI RTGS forms is downloading them from your bank’s website or visiting your branch office and getting them printed. You can also get a blank copy of union bank RTGS form by clicking Download Button.
These forms are usually in PDF format, so you’ll need Adobe Acrobat Reader installed on your computer to open them.
For example, if you’re using Windows 10, you already have it installed on your system. If not, download it here. Once you’ve downloaded and opened an RTGS form file with Acrobat Reader, take a printout with A4 Sheet.
Use these steps to fill it up:
You will be required to enter data in two sections- sender information and beneficiary information. Let’s go through each section one by one:
The complete process is a lot easier than it looks and can be completed in under 15 minutes!
In the beneficiary information section, you have to enter data regarding the person/company receiving funds.
- Name – Receiver Name
- Address – receiver Address
- Name of Beneficiary’s Branch, Branch Address – Receiver Bank Name And Bank Address.
- Date of Remittance – Current Date
- Type of Account – choose A/C maintained with receiver bank
- Account No – Enter Account number
Again, if you don’t know these details, just call your Beneficiary/ receiver and ask for them- they’ll tell you everything you need to know!
Remittance Details – Sender Information
This section contains information about who is sending money. You will need to enter your bank’s name, branch code and account number and so on in this section.
- Name – Sender (Your) Name
- Address – Sender Address
- PAN No – PAN Card Number
- Mobile No – Registered Mobile number
- Amount (Rs) – Amount to be Transfer
- Amount in Words – Same Amount in words
- Mode of Payment – What type of Source. (Account number, Cheque)
An account number is a unique number that identifies your bank account in all transactions done through RTGS. The name and branch code are usually printed on your cheque book or bank statement so you can copy them from there.
Authorized Signature – Signature of Authorized Person (Sender Signature)
Now take a printout of the filled up RTGS form and submit it either online or offline at your bank’s branch office. That’s how easy it is to fill up RTGS forms!
Union Bank of India RTGS charges
For transaction amount from Rs. 2 Lac & up to Rs. 5 Lacs:
- Rs.25.00 + taxes (From 08:00 Hrs & up to 11:00 Hrs)
- Rs.27.00 + taxes (After 11:00 Hrs & up to 13:00 Hrs)
- Rs.30.00 + taxes (After 13:00 Hrs)
For transaction amount more than Rs. 5 Lacs:
- Rs.50.00 + taxes (From 08:00 Hrs & up to 11:00 Hrs)
- Rs.52.00 + taxes (After 11:00 Hrs & up to 13:00 Hrs)
- Rs.55.00 + taxes (After 13:00 Hrs)
Now, it is time for you, who have been looking for some Union Bank of India RTGS forms that you could use as a reference in getting your work done. Download these blank, pdf forms, and also make good use of them by filling them with necessary details.
These downloadable forms will be very useful as they are already formatted in a very systematic manner that makes it easier for us to easily understand them and finish our desired task. So, do not waste any more time now! Just download these Union Bank of India RTGS forms now!
Thankyou so much for visiting our website today. We hope you find what you need here. If you need more information from us, please don’t hesitate to contact us via Comment section or on Request form.