Payments

NEFT

National Electronic Fund Transfer or NEFT is a payment system that allows nation-wide one-to-one fund transfer. Money can be transferred/ received from any bank accounts. To initiate NEFT, the account holder needs to fill in the application by providing the beneficiary details. Transaction charges vary as per the amount to be transferred.

NEFT Timings

Transaction Charges : Nil

RTGS

Real Time Gross Settlement (RTGS) is the fastest possible money transfer scheme. RTGS transfers real-time and requires no waiting time. It is not bound to any geographical limitations within India. The scheme ensures safe transaction through smart user authentication procedure. Online RTGS transactions require no extra charges.

RTGS Timings

RTGS Charges : Nil

IMPS

Immediate Payment Service (IMPS) allows instant money transferring using beneficiary account number or mobile number. Using IMPS, one can send money at any time of the day. Monet sent will reach the beneficiary instantly. This facility is available on holidays and weekends. There are charges applicable for IMPS transactions starting from Rs. 1.

The customer can use the Immediate Payment Service (IMPS) to:

• Transfer funds
• Receive payments
• Make merchant payments
• Carry out mobile banking transactions

To send payments or transfer funds to a third party using IMPS, the customer needs one of the three details of the beneficiary mentioned here:

• Mobile number and Mobile Money Identifier (MMID)
• Bank account number and IFS Code of the bank

IMPS Timings

IMPS can be carried out 24×7 by the customers irrespective of their current location as long as they have the details required to carry out IMPS transactions.

IMPS transaction limit

Per Transactions upto 50000 & per day 1 lakh

Transaction Charges :

Nil

NACH/ MMS

NACH is a centralised system for facilitating high volume debit/credit interbank transactions. The system is launched by NPCI. The NACH system allows transactions without any geographical barriers. The Mandate Management System or MMS is a part of NACH. It allows banks to accept, process, digitise, and sent the mandate to other banks.

Bill Payment

• All your payments & Recharges @ single location
• Receive and review Your bills online
• Pay throw your existing bank account
• Store your Billers

What is DBT?

The Direct Benefits Transfer (DBT) simply involves transferring the subsidy amount and other benefits (called transfers) directly to the beneficiaries bank accounts instead of providing it through government offices.Transfer means payment made by the government without receiving anything in return from the beneficiary. Subsidies, scholarships are the main example for transfers.

What are the Advantages of DBT?

The main advantage of the DBT is that leakages are avoided as the government directly provides the fund to the beneficiary. Money is sent into the bank account of the beneficiary.

Another advantage of DBT is that it helps the government to better target the beneficiary. Here the facilitating mechanism is Aadhaar. Since Aadhaar is the universal ID, government can identity the beneficiary from his Aadhaar details while connecting it with DBT.

Role of Aadhaar under DBT

Linking DBT with Aadhaar information and ID platform is a major achievement. using the Aadhaar-linked data ensures that the right beneficiary receives the money in his account, thereby ensuring transfer to the deserving persons. Recently the government decided that people earning more than Rs.10 lakh a year would not be eligible for the LPG subsidy.

Brief

Transferring your funds with in OCUB inter branch account is simple and easy. Cash withdrawal from own account is possible from any branch using cheque.

Process & Advantages

• Account holder is permitted to make a withdrawal from any OCUB Branch using cheque
• Transfers can be made to other branch accounts by means of Cheque
• Inter Branch transfer is enabled for own account or third party in mobile banking for the convenience of customers.
• Instant credit to any type of operative/loan accounts in OCUB.

Rates & Charges

The major attraction is, customer no need to pay any charges for inter branch transactions.