If you’re looking to make a high-value transfer through Union Bank, you’re likely to come across the Union Bank RTGS form. This form is an essential part of initiating Real-Time Gross Settlement (RTGS) transactions, which allow customers to transfer large sums of money in real-time. In this detailed guide, we will walk you through everything you need to know about the Union Bank RTGS form, from how to fill it out, the charges associated with it, to the timings for RTGS transactions.
What is RTGS and How Does It Work?
Real-Time Gross Settlement (RTGS) is a system that enables immediate settlement of transactions, typically involving large amounts of money. Unlike other types of payment systems, RTGS works in real-time, meaning that once the payment is initiated, it is settled instantly, without any delays. This makes it an ideal choice for individuals or businesses that need to make time-sensitive, high-value payments.
The Union Bank RTGS form is used for such transfers. It ensures that all the necessary information, such as the beneficiary’s details and the amount being transferred, is collected in a standardized manner to ensure smooth processing. RTGS is commonly used for transactions of ₹2 lakh and above, and it is considered a secure and fast method for transferring funds between banks.
Key Features of the Union Bank RTGS Form
When you need to initiate an RTGS transfer through Union Bank, the first thing you’ll need to do is fill out the Union Bank RTGS form. The form collects essential details required to complete the transaction, including:
- Beneficiary’s Name: The name of the person or entity receiving the funds.
- Account Number: The recipient’s bank account number.
- Bank Name and IFSC Code: The name of the beneficiary’s bank and the corresponding IFSC (Indian Financial System Code) code, which uniquely identifies the bank branch.
- Transaction Amount: The amount of money being transferred.
- Remitter’s Details: Your name and account details, including the branch code, if applicable.
- Check Number: If the transaction is being made via a cheque, you must enter the check number on the form.
Completing the Union Bank RTGS form with accurate details is crucial for ensuring that your transaction is processed correctly and without any delays.
Steps to Fill the Union Bank RTGS Form
Filling out the Union Bank RTGS form is relatively straightforward, but it is important to ensure all fields are completed accurately. Here’s a step-by-step breakdown of how to fill out the form:
- Download the Form: The Union Bank RTGS form is available for download from their official website or can be obtained at any of their branches.
- Fill in Remitter Details: Begin by entering your details as the sender, including your name, address, and account number.
- Enter Beneficiary Information: Provide the recipient’s name, account number, bank name, and IFSC code. Double-check these details to avoid errors that could delay the transaction.
- Specify the Amount: Clearly mention the amount of money you wish to transfer. Make sure the figures are written legibly and accurately.
- Cheque Details: If you are paying through a cheque, make sure to include the check number on the form.
- Sign the Form: Finally, sign the form in the designated space to authorize the transaction.
Once the form is completed, you can submit it to the bank either online or at a branch, depending on how you choose to initiate the RTGS transaction.
Union Bank RTGS Charges and Fees
Union Bank, like other banks, charges a fee for processing RTGS transactions. These charges are based on the amount being transferred, and they vary depending on the time the transaction is made. Here’s a breakdown of the RTGS charges for different transaction amounts:
- For transactions between ₹2 lakh and ₹5 lakh:
- ₹25 + taxes (from 8 AM to 11 AM)
- ₹27 + taxes (from 11 AM to 1 PM)
- ₹30 + taxes (from 1 PM onwards)
- For transactions above ₹5 lakh:
- ₹50 + taxes (from 8 AM to 11 AM)
- ₹52 + taxes (from 11 AM to 1 PM)
- ₹55 + taxes (from 1 PM onwards)
These charges apply per transaction and are designed to cover the processing and handling of the funds. It’s important to factor these charges into your transfer amount when making a payment.
Union Bank RTGS Timings
Union Bank operates its RTGS service during specific hours, and understanding these timings is important for ensuring that your transfer is processed on the same day. The RTGS system is available from Monday to Friday between 7:00 AM and 5:45 PM. For transactions to be processed on the same day, they must be submitted before 5:00 PM.
On Saturdays (except the second and fourth Saturdays of the month), RTGS services are available from 7:00 AM to 5:45 PM as well. However, Union Bank does not process RTGS transactions on Sundays, as it is considered a holiday.
It’s important to keep these timings in mind if you need to make urgent transfers, as missing the cutoff time could result in the transfer being processed on the next business day.
Benefits of Using Union Bank RTGS
Union Bank RTGS offers several advantages that make it a preferred choice for large-scale transactions. Some of the key benefits include:
- Instant Transfer: As the name suggests, RTGS transfers are settled in real-time, ensuring that funds are transferred immediately and without delay.
- High-Value Transactions: RTGS is specifically designed for high-value transactions, making it ideal for both individuals and businesses who need to send large sums of money.
- Security: RTGS is a highly secure method of transferring funds, as it requires the sender to provide detailed information and a signature for authorization.
These benefits make Union Bank RTGS a reliable and efficient payment method for individuals and businesses alike.
FAQs about Union Bank RTGS Form
- What is the Union Bank RTGS form used for?
- The Union Bank RTGS form is used to initiate a Real-Time Gross Settlement (RTGS) transaction, allowing you to transfer large sums of money in real-time.
- How do I fill out the Union Bank RTGS form?
- You need to provide details such as the remitter’s name, beneficiary’s details (name, account number, IFSC code), the transaction amount, and check number if applicable.
- What are the charges for Union Bank RTGS transactions?
- The charges for RTGS transactions depend on the amount and the time of day. For example, transactions between ₹2 lakh and ₹5 lakh are charged ₹25 to ₹30, depending on the time.
- What are the RTGS timings for Union Bank?
- RTGS services are available from 7:00 AM to 5:45 PM on weekdays and Saturdays, except for the second and fourth Saturdays of the month. There are no RTGS services on Sundays.
- Is the Union Bank RTGS form available online?
- Yes, the Union Bank RTGS form is available for download from their official website, and it can also be filled out at a branch.
