You can transfer funds in Indian Rupees from your Rupee Checking Account to any another bank account in India. You can chose to do online transfers either through the National Electronic Funds Transfer (NEFT) system or the Real Time Gross Settlement (RTGS) system. There are over 100,000 bank branches in India, which accept transfers made through the NEFT or RTGS system.
Differences between RTGS and NEFT
The primary differences between the RTGS System and the NEFT System are the time taken to transfer funds and the minimum limit for the transfer. The Real Time Gross Settlement System is primarily meant for high value transactions, the minimum limit for RTGS transactions is currently Rs. 2,00,000. With NEFT transfers, beneficiaries will typically receive funds within 1-2 business days; in RTGS transfers, and beneficiaries will receive funds either the same day or the next business day.
To transfer funds to any bank account in India, you will need the following details from the Beneficiary.
- Beneficiary Name
- Payable Location
- Beneficiary Bank Name, City & Branch Location
- Beneficiary Bank's IFSC Code
- Beneficiary Account Number
Once you have these details, please follow the steps below to transfer money using NEFT or RTGS.
Step 1: Add payee
- Login to your Rupee Checking Account and Select "Transfer & Payments"
- Select "Transfer to Third Party Account"
- Select "Add New Payee"
- Select Transfer Type as "Outside Citibank,N.A.(hereinafter referred to as "Citibank") Network"
- Select "To any bank account within India – NEFT (National Electronic Funds Transfer) if you would like to use transfer using NEFT
- Select "To any bank account within India – RTGS (Real Time Gross Settlement) if you would like to use transfer using RTGS
- Complete New Payee Details
Step 2: Verify payee
- You will receive a One Time Password (OTP) on your registered email or mobile phone. Please use this OTP to "Activate Payee"
Step 3: Transfer funds
- You can now transfer funds from your NRE Rupee Checking Account to this bank account you have registered and activated payee
- In a 24 hour period, you will be able to add a maximum of 3 payees across all your accounts
- For a new Payee under the RTGS system, you can initiate transfers only after 1 Business Day (excluding holidays)
- For a new Payee under the NEFT system, there is a limit of Rs. 50,000 for the first Business Day (excluding holidays)
- When you add a payee, the information on timelines regarding transferring funds within regular limits for a new payee will be displayed on the "Payee addition confirmation screen"
- If you are a Citibank Rupee Checking account customer only, a daily transaction limit of INR 7,500,000 for Citigold customers and INR 25,00,000 for non Citigold customers applies for Citibank Online.
- If you are a Citibank Rupee Checking account customer and have a deposit account with Citibank, a daily transaction limit of INR 7,500,000 for Citigold customers and INR 25,00,000 for non Citigold customers applies for Citibank Online. However per transaction limit is set equivalent to USD 20,000.
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