AU Bank formerly known as AU Small Finance Bank, is a leading Indian financial institution that offers a wide range of banking and financial services. Established in 1996 as AU Financiers, the organization started as a non-banking finance company and later transformed into a small finance bank in 2017. Since then, AU Bank has become a trusted name in the Indian banking sector. With its headquarters in Jaipur, Rajasthan, AU Bank operates with a customer-centric approach, focusing on providing personalized solutions and fostering long-term relationships. The bank aims to empower individuals, micro, small, and medium enterprises and the underprivileged segments of society by offering accessible and inclusive financial services.
AU Bank provides a comprehensive suite of banking products and services tailored to meet the diverse needs of its customers. These include savings accounts, current accounts, fixed deposits, recurring deposits, loans, insurance, wealth management, and more. The bank leverages technology to ensure seamless and convenient banking experiences for its customers through various digital channels and platforms. AU Bank apart is its commitment to financial inclusion and social impact. The bank actively supports financial literacy initiatives and provides financial assistance to underserved communities, enabling them to participate in the formal banking sector and improve their livelihoods. AU Bank’s social initiatives focus on education, healthcare, skill development, and livelihood generation, contributing to the overall socioeconomic development of the communities it serves.
RTGS refers to Real time Gross Settlement. In RTGS transfer when you send money using RTGS, the amount is credited or settled to the beneficiary account immediately without any delay.
Advantages and Disadvantages of RTGS
Advantages of RTGS :
Real-time and immediate transfer: One of the primary advantages of RTGS is that it enables real-time and immediate transfer of funds. Once the transaction is initiated, the funds are transferred instantly and credited to the beneficiary’s account without any delay.
High security and reliability: RTGS transactions are highly secure and reliable. The system operates on a secure network, ensuring the confidentiality and integrity of the transferred funds. It reduces the risk of fraud or unauthorized access to the transaction.
No amount limitations: RTGS allows for the transfer of large amounts of money. There is typically no upper limit on the amount that can be transferred through RTGS, making it suitable for high-value transactions.
Clearinghouse mechanism: RTGS transactions are settled individually on a gross basis, Each transaction is settled separately and not bundled with other transactions. This provides transparency and reduces the risk associated with netting.
Disadvantages of RTGS :
Cost: RTGS transactions are often associated with higher costs compared to other electronic fund transfer methods. Banks may charge fees for processing RTGS transfers, and these charges can vary depending on the amount being transferred.
Limited operational hours: RTGS transactions can only be initiated during the operational hours of the banking system. Typically, RTGS operates on business days and specific hours, which means transactions initiated outside these hours may be delayed until the next working day.
Complexity for small transactions: RTGS is primarily designed for high-value transactions. For small transactions, the cost and complexity of initiating an RTGS transfer may outweigh the benefits. In such cases, other electronic fund transfer methods like NEFT or IMPS may be more suitable.
Dependency on banking infrastructure: Successful execution of RTGS transactions relies on robust banking infrastructure and connectivity. In cases of technical glitches or system downtime, there can be delays or disruptions in processing RTGS transactions.
How to get AU Bank RTGS form
You can get this form by visiting in any AU BANK branch else you can download here from below link
AU Bank RTGS Form (pdf format)
Generally RTGS forms include fields:
| Beneficiary details | Name, account number, and bank branch details |
| Remitter details | Name, account number, and bank branch details of the person initiating the transfer |
| Amount to be transferred | The exact amount to be transferred in figures and words |
| Purpose of remittance | Mention the reason for the transaction |
| IFSC Code | The unique identification code of the receiving bank branch |
| Signature and date | The remitter’s signature and the date of initiating the transfer |
Conclusion:
In this article you have come across about introduction about bank, how to get RTGS Form, How to fill required fields, including beneficiary and remitter details, amount to be transferred, purpose of remittance, IFSC code, signature, and date, to initiate their RTGS transactions efficiently in RTGS Form, Advantages and Disadvantages of RTGS. In case If you have any doubt related to the above information, you can ask in the comment section.