Karur Vysya Bank is a private bank that was established in the year 1916 in Karur, Tamil Nadu with a seed capital of 1.20 lakh that has now grown into a leading financial institution serving millions of people.
Currently, it has 779 branches and 1,658 ATMs all across the nation.
The working hours of Karur Vysya Bank are 10 AM – 5 PM from Monday to Saturday, except for the 2nd and the 4th Saturdays which are holidays.
Karur Vysya Bank Timings and Charges
1. NEFT:
NEFT an initialism of National Electronics Fund Transfer is used to transfer money from one bank account to another or one branch to another. Any individual who has a bank account or not can transfer the funds electronically through NEFT.
There are restrictions on the timings for NEFT like it is only allowed on Monday to Friday from 8 am to 7 pm and is available from 8 am to 1 pm on Saturdays. It does not take place on Sundays and on national holidays.
It has a minimum limit of 1 rupee and a maximum limit of 10 lakh rupees.
The charges on NEFT are as follows :
- For 1 rupee to 10,000 rupees – charge of 2.50 rupees
- For 10,001 to 1,00,000 rupees – charge of 5 rupees
- For 1,00,001 to 2,00,000 rupees – charge of 15 rupees
- For 2,00,001 to 10,00,000 – charge of 25 rupees
2. RTGS:
RTGS an acronym for Real Time Gross Settlement is an interbank facility to transfer money on real time or gross settlement basis. It means that the information is processed at the time that it is received and each transaction is settled one by one. It is done in batches.
The RTGS transitions happen on a timely basis as follows- 9 am to 12 pm, 12 pm to 3 30 pm and 3 30 pm to 6 30 pm. RTGS is closed on Sundays and National Holidays.
Although the government changed these rules and made RTGS available 24*7 for 365 days.
The minimum amount that can be transferred is 2 lakh rupees and the maximum amount is 10 lakh rupees.
The Charges for RTGS are:
For 2 lakh to 5 lakh rupees – charge of 30 rupees
For 5 lakh to 10 lakh rupees – charge of 55 rupees.
3. IMPS:
IMPS is an abbreviation for Immediate Payment System, is a payment system that is available for 24 hours. Earlier there was only NEFT and RTGS which were available only for banking hours, this caused a lot of issues for the people. Therefore, NPI conducted a research and then IMPS was introduced on 22nd November 2010 by Smt. Shyamalal Gopinath.
IMPS has no timing barriers since it is opened for 24*7. Money can be transferred on Sundays and National Holidays too.
The minimum amount that can be transferred is 1 rupee and the maximum amount is 2 lakh rupees.
The charges for IMPS are higher than that of NEFT. the charges are:
- For up to rupees 10, 000- charges are 5 rupees + GST
- For 10,000 to 1,00,000 rupees – charges are 10 rupees + GST
- For 1,00,000 to 2,00,000 rupees – charges are 15 rupees + GST
NEFT, RTGS and IMPS all are banking facilities provided by all banks but the timings and charges differ from bank to bank. The above mentioned were the charges and timings for the Karur Vysya Bank.