Sunday, September 30, 2012

Beer and Work



Frothy prices

The curse of the drinking classes




ON SEPTEMBER 22nd the beer started flowing at the annual Oktoberfest in Munich. Last year, over the course of the 16-day event, visitors glugged 7.5mlitres. For a half-litre (a trifle by Bavarian standards) an average German needs to work only seven minutes, according to analysts at UBS, a Swiss bank. For Czechs (who swig even more than Germans) the figure is similar. Only Americans need work less for their ale.
Indians, by contrast, must toil for nearly an hour before they have earned enough to quench their thirst (the world average is 20 minutes). But India will be the fastest-growing market by volume in coming years. Growing adult populations and rising living standards mean that beer consumption in emerging markets is booming. Drinkers there drank two-thirds of the world’s beer in 2011. By 2016, it will be 72%.

Saturday, September 29, 2012

New York is home to at least one successful bank. It is in Queens ......






SUBWAY line 7 begins near Morgan Stanley’s headquarters on Broadway, pauses in Grand Central Station near JPMorgan Chase’s headquarters on Park Avenue, and then, a long snooze later, ends in Flushing, in the New York borough of Queens. Here, there are no suits, no yellow cabs, and more chatter in Korean, Mandarin, Cantonese and Hindi than English. There is also a remarkably successful bank, a small 24-year-old institution named Amerasia.
Amerasia’s return on its $290m in assets approached 2% in the first half of 2012, a number that would be excellent even if times were good. SNL Financial, a research firm, rates it the best among America’s 4,300 small banks. Amerasia shames large ones as well. JPMorgan Chase, often said to be the country’s best-run financial institution, struggles to make a 1% return on its $1.8 trillion asset base; Morgan Stanley’s return is less than half as much as that. Over the past three years Amerasia, which is privately held, has notched up annual growth of close to 11% in assets, and seen compounded earnings growth of 50%. James Huang, the bank’s boss, believes the disarray in finance will enable his bank to keep expanding fast for another year or two.

Growth has come in tightly controlled steps. When expansion meant buying the small building next door to the original branch, the valuable ground-floor retail space was leased to Starbucks. A second branch opened in 2007 after years of discussion, and a third is being pondered. Yes, a new office would expand the bank’s reach, but geographic spread has an impact on efficiency and control. Mr Huang still grimaces at the thought of a bad loan the bank made in 1994 to a factory located two hours away.
Operating in a tough environment is nothing new for Mr Huang. He founded the bank along with fellow Taiwanese immigrants in 1988 after three years scraping together the $5.5m in minimum capital then required. To survive, Mr Huang maintained his day job with the Manhattan office of a Taipei-based plastics importer. On his long commute between the two jobs, he saved money by reading newspapers extracted from the subway dustbins. New York was in one of its periodic slumps, after the stockmarket crash in 1987; in its first months of operations, the bank had a small loss (there has been none since).
In Taiwan, says Mr Huang, the goal of every banker is to know his clients so well he can be a matchmaker for their children. That is not possible in America, he adds—there is too much divorce, so too much risk of a relationship souring—but the principle stands. His customers are businesses nearby, primarily restaurants and small stores. Many are Chinese; a smaller group is Korean; many of the rest are Indian. The favoured loan is a commercial mortgage structured to be paid back over 15 years but granted in five to seven-year increments. All loans are held to maturity.
Mr Huang considers this to be an infinitely better way to invest than buying shares or bonds (both of which he avoids) that cannot be subjected to the same sort of intimate credit appraisal. Because Amerasia’s numbers are so strong, would-be acquirers occasionally drop by. Mr Huang’s answer: not now, not ever.
His strategy does entail some risks. Amerasia is vulnerable to the collapse of the Flushing economy, because that is where Mr Huang finds new customers, and because he continues to hold loans tied to local businesses. Amerasia is so small, with fewer than 40 employees, that it is vulnerable to being swamped by regulatory costs. Yet as Mr Huang’s industry has shown in recent years, there are worse ways to go about running a bank.

Wednesday, September 26, 2012

Matrimonial Advertisement !


Response vs Reaction


At a restaurant, a cockroach suddenly flew from somewhere and sat on a lady. She started screaming out of fear. With a panic stricken face and trembling voice, she started jumping, with both her hands desperately trying to get rid of the cockroach. 

Her reaction was contagious, as everyone in her group also got panicky.
 
The lady finally managed to push the cockroach away but ...it landed on another lady in the group.

Now, it was the turn of the other lady in the group to continue the drama.
 
The waiter rushed forward to their rescue.
In the relay of throwing, the cockroach next fell upon the waiter.
 
The waiter stood firm, composed himself and observed the behavior of the cockroach on his shirt.
When he was confident enough, he grabbed it with his fingers and threw it out of the restaurant.
   
Sipping my coffee and watching the amusement, the antenna of my mind picked up a few thoughts and started wondering, was the cockroach responsible for their histrionic behavior?
If so, then why was the waiter not disturbed?
He handled it near to perfection, without any chaos.
 
It is not the cockroach, but the inability of the ladies to handle the disturbance caused by the cockroach that disturbed the ladies.
 
I realized that, it is not the shouting of my father or my boss or my wife that disturbs me, but it’s my inability to handle the disturbances caused by their shouting that disturbs me.

It’s not the traffic jams on the road that disturbs me, but my inability to handle the disturbance caused by the traffic jam that disturbs me.
 
More than the problem, it’s my reaction to the problem that creates chaos in my life.
  
Lessons learnt from the story:
I understood, I should not react in life.
I should always respond. The women reacted, whereas the waiter responded.
 
Reactions are always instinctive whereas responses are always well thought of, just and right to save a situation from going out of hands, to avoid cracks in relationship, to avoid taking decisions in anger, anxiety, stress or hurry.  
    

Anu Vaidyanathan :one of India's finest tri-atheletes

India's first Ironman. Asia's only Ultraman. Sounds impressive, doesn't it? But Anu Vaidyanathan is a woman, and one of India's finest triatheletes. Owner of an intellectual property firm, Anu completed her first triathlon as a graduation gift to herself. For her first Ironman competition, she trained through a year, waking up at 3 a.m. everyday to get the exercise she needed. From there, it was a steady journey onward till she had put together a consistent racing schedule that didn't clash with her Ph.D. studies. The result of all her hard work? She finished a gruelling 3-day trialthlon (10 km swim, 420 km bike, 84.4 km run) and became Asia's only Ultraman athlete!


http://www.youtube.com/watch?v=MgBt2IWq-TU

Tuesday, September 25, 2012

Can your assets support your for next 30 yrs ? Download this Calculator and Find Out !



If you have Rs 50 lacs with you and you want to generate some consistent income for next many years, how many years you can generate income? Think about it! Put some very high level calculations in your mind and try to come up with some numbers! . Will it be able to generate a lac of monthly income for next 10 years or not? Will it be able to generate Rs 30,000 of inflation adjusted income every year for next 30 years or not? Will it be able to generate Rs 30,000 of income increasing at 5% each year for next 100 years or not?
Still wondering ? 
Lets discuss a very basic problem which many people face in financial life. A lot of people at times have a big lump sum amount like 20 lacs, 50 lacs or say a crore! Now they want to know how much income can be generated using that big amount which can be used by their family. This can happen in many situations like following
1. When a person wants to make sure that he wants some kind of passive income out of a big chunk of money
2. A person might have got retired and now he wants to create a pension for himself using the big amount of money he/she has saved
3.  A person wants to leave his job and because of uncertain future , he wants to utilize a big sum to generate a certain cash flow in future
4. You might want to find out how much of life insurance you should take so that your family can start getting monthly income by making a fixed deposit out of the money.

So lets take case of Rs 50 lacs ?

Coming back to our example - Let’s talk about Rs 50 lacs. How much monthly income can it generate? And for how many years? This will depend on three things.
  • How much inflation you are considering
  • How much return on the investment you are considering
  • How much monthly income your want to generate per month
Here are some of the permutations and combinations assuming different values for Inflation , Return on investment and monthly expenses needed and a corpus of Rs 50 lacs in hand.
How long the money will last

How to Calculate this ?



You can calculate this in many ways , but one of the ways you can do is by calculating it in excel sheet. . You can download this calculator and play with different numbers and plan out for yourself.  The calculator shows the answer along with the graph of the wealth and how it grows or shrinks over the years.

Sunday, September 23, 2012

My mind is my eye now, I can handle anything: Pratish Datta

Sheer grit and determination can do wonders. And 23-year-old Pratish Datta, a visually challenged student from IIT-Kharagpur, knows all about it. He recently received the J C Bose Memorial Gold Medal for best academic performance in the two-year PG course in science from President Pranab Mukherjee. While this honour has been special, Datta has been a topper all his life. He tells Shobha Johnthat if one tries, one can do anything; lack of sight is hardly an impediment



You did MSc in mathematics at IIT and are known to do complex mathematical calculations mentally. How is that possible?

It goes back to my childhood. I lost vision in one eye at six months of age and had poor vision in the other. My parents felt that if I studied a lot, the pressure would damage this eye too. So my mother would read all my lessons to me and I would memorize them. Even maths sums were done mentally. I knew no other way to do it. Over time, practice made me perfect. I also manage to finish my exams in almost the same time as normal students. But a lot of higher mathematics is not just calculation but visualization too and I can handle that. Even Swiss mathematician Leonhard Euler lost his vision in the last 17 years of his life. But he continued to do research. My mind is my eye now.

How did you cope with the loss of your eyesight?

I was doing my second year at St Xavier's College in Kolkata in 2008 when I lost vision in my second eye. I was shocked to suddenly see a dark world but my parents and teachers stood by me. As I loved studies, I decided to concentrate on that. All my happiness is related to studies. Even when I came to IIT, there were many questions about whether I would be able to cope. But my faculty helped me with a competent scribe, which itself takes the load off students like me. He's a computer operator here who understands mathematics symbols and has done presentations for various seminars.

The dean of student affairs also helped me find accommodation within the campus. I also have nice friends, especially Fouzoul Atik who studied with me in MSc. He would sit beside me, dictate what was written on the board, take me from one class to another, xerox pages for me...he was very happy when I got the gold medal.

Was it difficult to handle the pressure in IIT with this impairment? Your mother seems to have sacrificed a lot.

As I was able to see in childhood, I understood maths symbols and could do well. But for many others, the fact that higher education books aren't in Braille are a handicap. An attempt should be made to convert them so that others like me don't suffer. As for my mother, she has stood by me like a rock. Even when I said I wanted to study in IIT, she told me bravely, 'Go as far as you want, I will be with you.' And she did. She left Kolkata where my father is a civil engineer and came to stay with me, an only child, here at Kharagpur.

What should education institutions do for the visually challenged?

They should be generous towards them and help them as much as possible. Such students already start with a disadvantage and could do with a leg-up in life. Give them competent scribes and good scholarships.

What do you plan to do now?

I want to do my PhD in cryptology and network security as it's a field which is gaining importance and involves both maths and algebra. I want to continue doing research.

You seem to lead a normal life -you use the mobile quite well and have a Facebook profile. How do you manage these?

I have memorized the keys and functions of my mobile so I can use it effortlessly. I also have a computer screen-reading software called JAWS which reads out whatever text there is on it.

Your Facebook profile shows you having varied interests, including football and cricket.

I used to play cricket when I could. Now I just hear the commentary.

It also mentions that you like chatting with hot girls. Does that happen often?

(Laughs) It's not like that. I have got some popularity after the award but it's not like I chat with many girls. I am particular.

Tuesday, September 18, 2012

A Solar Eclipse on Mars


National Aeronautics and Space Administration's Curiosity rover has beamed back a picture of its first solar eclipse from the surface of Mars, showing Phobos, one of the two moons orbiting the Red planet, moving across the face of the Sun.
The new picture taken from the surface of Mars displays a slight bite taken out of the sun by the Martian moon, as seen from the rover's vantage point in Gale Crater.


Saturday, September 15, 2012

Future of Un-organised Retail in India?

The "Last Shop" is closed too.....


MyReview : BARFI


A breath of fresh air, delightful, poignant, simple and unconventional by the standards of the Hindi Commercial cinema - that is BARFI for you.....

several generations have come up watching Hindi films that treat physical disability as something to laugh at . BARFI treats the subject with great empathy and respect ....the treatment may not stand up to the scrutiny of the medical world but as a tale told, it makes a point. 

Laced with many a moments of simple joys of living, the film presents to us the growing versatility of Ranbir Kapoor ........he carries the film on his shoulders, showing courage to play a difficult role, shorn of any glamour and action..... As he plays the role of a deaf and mute, the film has long stretches of silence , reminding us of the recent success of the English silent movie ( The Artist) ....the simplicity of the character and his frugal ways, at times take us back to  the style that Raj Kapoor adopted in his early days.....

A tad too long and with some obvious flaws in the story, it is still a landmark film and is not be missed. Do go and see it .....

RSK

Thursday, September 13, 2012

The End of Men ?


Female muscle

Now is not a good time to be a man












The End of Men: And the Rise of Women. By Hanna Rosin. Riverhead; 310 pages; $27.95. To be published in Britain in October; £12.99. Buy from Amazon.com,Amazon.co.uk
MEN today are haunted by the “spectre of a coming gender apocalypse”, Hanna Rosin declares in her new book, “The End of Men”. How worried should they be? It is true that women are contributing more than ever to household income. They dominate university attendance around the world. In South Korea more women than men pass the foreign-service exam, which has sparked the foreign ministry to implement a minimum quota for men. In Brazil nearly a third of women earn more than their husbands, a phenomenon that has caused men to form church support-groups calling themselves “Men of Tears”.
Ms Rosin, an editor at Atlantic, whose book grew out of an article she wrote for the magazine in 2010, acknowledges that men are not about to become extinct any time soon. But women today are excelling, while men founder. As part of her research, Ms Rosin travelled to many corners of America, among them Auburn-Opelika, Alabama, where women’s median income is 40% higher than men’s, and men are encouraged to watch virtual simulations to teach them how to get jobs.
The financial crisis has been especially unkind to men: three-quarters of the 7.5m American jobs lost in the recession belonged to men and were in traditionally masculine industries, such as construction, manufacturing and finance. Manufacturing’s flight from America and the evolution of technology in the workplace have left many men jobless—and often despondent. The book is filled with anecdotes from those who are trying to make sense of what has happened to them. “Probably no one has had their wife move up the ladder as far as I’ve moved down,” says one man. Another, who is annoyed that his girlfriend earns more than he does, complains, “All the things we need to be good at to thrive in the world…are things that my female friends and competitors are better at than me.”
The argument Ms Rosin puts forward does not spell out the end of men so much as the deterioration of their condition. The new service-based economy rewards communication and adaptation, qualities that women are more likely to have. Only about 3% of men have taken over raising children full-time while their wives support their families. Instead, many men, especially young ones, have retreated into a world of video games, drinking and prolonged adolescence—a phenomenon identified in “Guyland”, a 2008 book by an American sociologist, Michael Kimmel.
But what happens to men has great consequences for women, and vice versa. Many poorer women who are not well educated are forgoing marriage, believing that a man is simply a drag and an additional mouth to feed, Ms Rosin argues. Educated, wealthier women, on the other hand, are experiencing more fulfilling relationships in which they share responsibilities with partners as each takes up slack at different times. She calls these “seesaw marriages”. One result of women’s rise is that men have more retirement income, better health and happier marriages.
Hard as Ms Rosin tries to argue that the world has embraced “matriarchy”, however, the data does not support her thesis. Only 3% of Fortune 500 bosses are women, as are only 20 of the world’s 180 heads of state. She dismisses evidence that suggests her book is inappropriately titled: “Men have been in charge for about 40,000 years, and women have started edging them out for about 40. So of course there are still obstacles at the top.” She also eschews a more nuanced approach by letting what is mostly an argument about American gender trends strive to be global. For example, she mentions that women own more than 40% of private businesses in China, and that in many countries parents prefer having a daughter. But nowhere does she acknowledge that aborting female fetuses remains a huge problem in China and India.
“The End of Men” is notable, however, for what it says about America’s thinking on women today. In another provocative article in the Atlantic, “Why Women Still Can’t Have It All”, Anne-Marie Slaughter argued that women are deluded if they think that they can have a high-flying career and a family without something giving way. Ms Slaughter used to be a senior official in the State Department, a job she recently gave up in order to spend more time with her children and return to academia. A high-powered job can be compatible with child-rearing only if a woman is wealthy, has a job with flexible hours or works for herself.
Ms Rosin also argues for greater flexibility in the workplace, but ultimately takes a more bullish line than Ms Slaughter about women’s ability to change their workplaces to suit their needs. Both young men and women of the millennial generation want more flexible work hours and see the value of working remotely. And they will seek out employers who try hard to make better work-life balance a reality.
This is not the first recession that has triggered a crisis of masculinity in America. After the recession in the early 1990s, Susan Faludi wrote “Stiffed: The Betrayal of the American Man”, which lamented that men were underworked, underachieving and undersupported. This time the story is somewhat different. Had Ms Rosin put off writing her book for a few years, she would probably have seen women’s jobs go the way of men’s. The economic dislocations that have erupted in male-dominated industries, such as construction and finance, are making their way into industries dominated by women, as governments cut back on services, teaching staff and the like. The real story about men and women is about how this economic crisis will harm both genders, and future generations.

Monday, September 10, 2012

MySnaps : Himalayas-6

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Journey to Mars

One Year in 40 sec


One year in 40 seconds
One year in 40 seconds
http://vimeo.com/2639782
Yo
About this video
"Images from the same spot through one year. Audio captured at the same place. All details on how this video was made, another video of these images and a place to download all the footage here:http://eirikso.com/2008/12/27/one-year-worth-of-images-give-some-amazing-videos/ The images are creative commons licensed and available for you to download and play with."

Thursday, September 6, 2012

Just Made it : Ducks Crossing the Road

MySnaps : Roerich Museum , Manali


Nicholas Roerich, (October 9, 1874 – December 13, 1947)  was a Russian painter and philosopher.Born in Saint PetersburgRussia to the family of a well-to-do notary public, he lived around the world until his death at Naggar, near Manali, India. Trained as an artist and a lawyer, his interests lay in literaturephilosophyarchaeology and especially art. Roerich was a dedicated activist for the cause of preserving art and architecture in times of war.
His son,  Svetoslav Nikolaevich Roerich (1904, – January 30, 1993),lived for many years in Bangalore, India > The Government awarded him the Padma Bhushan. His paintings of Jawaharlal Nehru and Indira Gandhi, adorn the historic Central Parliament Hall in New Delhi. He was married in 1945 to an Indian movie star Devika Rani, ( known as "The First Lady of the Indian Screen".)
Today, the Nicholas Roerich Museum in New York City is a major center for Roerich's artistic work. Numerous Roerich societies continue to promote his theosophical teachings worldwide. His paintings can be seen in several museums including the Roerich Department of the State Museum of Oriental Arts in Moscow; the Roerich Museum at the International Centre of the Roerichs in Moscow; the Russian State Museum in Saint Petersburg, Russia; a collection in the Tretyakov Gallery in Moscow; a collection in the Art Museum in Novosibirsk, Russia; a collection in the Art Museum in Nizhny Novgorod, Russia; the Roerich Hall Estate in Nagar village, Kullu Valley, Himachal-Pradesh (India); in various art museums in India; and a selection featuring several of his larger works in The Latvian National Museum of Art. Roerich biography and his controversial expeditions to Tibet and Manchuaria has been recently explored by two Russian authors, Vladimir Rosov and Alexandre Andreyev, American (Andrei Znamenski), and the German Ernst von Waldenfels. I was at the Naggar, manali Museum recently and here are some snaps:

The Roerich Samadhi


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Inscription on the Samadhi
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His Living Room

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His Car

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His Works

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Some More

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This portrait was done by his son Svetoslav
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A View From his Balcony
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A small temple near his residence:
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My tribute ( a snap from his balcony)

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Cicero's philosophy (of the Roman Empire) (106 - 43 BC)

Cicero's philosophy (of the Roman Empire) (106 - 43 BC) is valid even today, for any country of our globe:

1. The poor: work and work,
2. The rich: exploit the poor,
3. The soldier: protects both,

4. The taxpayer: pays for all three,
5. The wanderer: rests for all four,
6. The drunk: drinks for all five,
7. The banker: robs all six,
8. The lawyer: misleads all seven,
9. The doctor: kills all eight,
10. The undertaker: buries all nine,
11. The Politician: lives happily on the account of all ten.


Not far from the truth ...............

Future Looks Like.......

Tuesday, September 4, 2012

PNR Status : Indian Railways



        Indian Railway in collaboration with Google is now providing a 10 digit mobile number.

       Just SMS your PNR number on this mobile number and instantaneously you will get your ticket's current status along with all other journey related details.
The number is
 97733-00000. NO need to prefix 0 or +91.

       Best of all, you don't pay a premium charge for any of this, just the price of a standard SMS.


PLEASE DON'T FORGET TO STORE THE NUMBER IN YOUR MOBILE PHONE.
 

NEFT and RTGS – A detailed Guide


( From Jagoinvestor )



Lets try to understand what is NEFT and RTGS and what is the difference between them. NEFT and RTGS are two main mechanisms to transfer money from one bank to another bank in India. Transferring money between two accounts in same bank is pretty straight forword and its a internal matter of the bank, it does not have to deal with other banks and their protocols, however when one bank wants to send the money to another bank in India, there is a defined mechanism it has to be done and hence NEFT and RTGS comes into picture. Both these systems are maintained by Reserve Bank of India. Lets understand both of these

NEFT – National Electronic Fund Transfer

NEFT full form is National Electronic Fund Transfer, and its a system of transfer between two banks on net settlement basis. Which means that each individual transfer from one account to another account is not settled or processed at that same moment, its done in batches . A lot of transactions are settled in one go in each batches. Presently, NEFT services are available from 8:00 am to 6:30 pm on weekdays (Mon – Fri) and from 8:00 am – 12:30 pm on Saturday.
Any NEFT Transfer done between 8 am – 5 pm generally gets settled on the same day, but if you deposit the money after 5 pm, then that will be settled the next working day. In case of Saturday, any money deposited between 8 am – 12 noon can be expected to reach the beneficiary account the same day.
NEFT Transfer Example
For example lets say Ajay has ICICI Bank account and Robert has a bank account in HDFC bank , Now Ajay deposits Rs 10,000 in Vijay account through NEFT transfer at 10:30 am . The money will be then taken out from Ajay’s ICICI Account and will be sent to Vijay’s HDFC bank the same day, then HDFC bank will credit Vijay’s bank account. In case money can not be transferred to the target account (beneficiary account) , the money will be credited back to the source branch within 2 hours of the batch in which it was processed.

RTGS – Real Time Gross Settlement

RTGS full form is Real Time Gross Settlement and its a system of money transfer between two banks in real time basis, which means the moment one bank account transfer the money to another bank account, its settled at that time itself on real time basis between the banks, but the beneficiary bank has to make the final settlement to the bank account within two hours of getting the money. RTGS is the fastest possible money transfer between two banks in India through a secure channel.
Let me give an example, lets say Ajay has a SBI Bank account and Vijay has an Axis Bank account, Ajay transfers Rs 5 lacs to Vijay’s account  through RTGS transfer, SBI bank instantly transfers Rs 5 lac to Axis Bank, now Axis bank has 2 more hours to deposit it in Vijay’s account . Hence in worst case even with RTGS transfer there can be delay of 2 hours.
NEFT and RTGS Timings

NEFT and RTGS Charges

NEFT and RTGS transfer charges depends on the Bank. RBI has guidelines for the maximum fees which can be charged, but it finally depends on the bank in question. Note that NEFT and RTGScharges, varies depending on the amount transferred and the timings when its done. While NEFT charges depends purely on the amount transfered, RTGS charges depends on the amount transferred as well as the timings of the day when its done . A RTGS transfer early will cost a little less charges. Note that, Service tax is also applicable to the charges. Below are the charges shows for NEFT and RTGS for retail banking (not for institutional banking)
NEFT and RTGS Charges
Information required to make an RTGS & NEFT payment?
For making a payment through NEFT/RTGS, following information has to be furnished.
  • Amount to be remitted
  • Remitting customer’s account number which is to be debited.
  • Name of the beneficiary bank.
  • Name of the beneficiary.
  • Account number of the beneficiary.
  • IFSC code of the destination bank branch
Note : MICR code is generally not required for NEFT or RTGS transfer
Points to Note
  • Each Bank has their own NEFT and RTGS application form, which you can download from their website
  • RBI declared holidays each year when you cant do NEFT and RTGS fund transfer transactions, see 2012 list
  • To find out different bank branches which are enabled for NEFT and RTGS transactions, you can see this RBI list

Difference Between NEFT and RTGS

Finally let me list down all the differences between NEFT and RTGS in a table, so its easy for you to understand the conclude finally.
CriteriaNEFTRTGS (Retail)
SettlementDone in batches (Slower)Real time (Faster)
Full FormNational Electronic Fund TransferReal Time Gross Settlement
Timings on Mon – Fri8:00 am – 6:30 pm9:00 am – 4:30 pm
Timings on Saturday8:00 am – 12:30 pm9:00 am – 1:30 pm
Minimum amount of money transfer limitNo Minimum2 lacs
Maximum amount of money transfer limit5 lacs5 lacs (50 lacs for business)
When does the Credit Happen in beneficiary accountHappens in the hourly batch Between BanksReal time between Banks
Maximum Charges as per RBIUpto 1 lac – Rs 5
from 1 – 2 lacs – Rs 15
Above 2 lacs – Rs 25
Rs 25-30 (Upto 2 – 5 lacs)
Rs 50-55 (Above 5 lacs)
(Lower charges for first half of day)
Suitable forSmall Money TransferLarge Money Transfer