Facilities to Members :

Members welfare fund: The Yeshasvini Health Insurance Scheme is a healthcare assistance scheme introduced by the government of Karnataka. It covers expenses for about 823 different procedures across multiple medical specialities.

RTGS :

Real-time gross settlement systems (RTGS) are specialist funds transfer systems where transfer of money takes place from one bank to another on a “real time” and on “gross” basis. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bundling or netting with any other transaction. Once processed, payments are final and irrevocable. RTGS systems are typically used for high-value transactions that require immediate clearing. The minimum amount to be remitted through RTGS is ` 2 lakh. There is no upper ceiling for RTGS transactions.

PAY ORDERS:

Payment order is an international banking term that refers to a directive to a bank or other financial institution from a bank account holder instructing the bank to make a payment or series of payments to a third party. It can be defined as, “Instructions to transfer funds sent via paper and/or electronic means”

Standing Instructions:

Customers give standing instructions for payment or remittance of a recurring nature such as payment of subscriptions, transfer of funds to other accounts, installments to deposit or loan accounts, payment of club membership, school/college fees, etc. These instructions of customers are to be complied with.

NEFT:

NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. For example, currently, NEFT operates in hourly batches. [There are twelve settlements from 8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays.] Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time