How to get credit for failed transactions under RTGS?

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How to get credit for failed transactions under RTGS?
If you wanted to transfer funds to a beneficiary and the transaction failed due to reasons then the fund will be credited to your account either within an hour of the receipt of payment at the PI of the recipient bank or before the end of the RTGS business day, whichever is earlier between the two.

The original debit entry in your account will be reversed once the money is credited in the remitting bank. The RTGS service window remains open for the banks from 9 am in the morning to 4 pm in the evening for customer's transaction for weekdays. On Saturdays, the window is open from 9 am to 2 p.m at noon for settlement at the Reserve Bank of India (RBI) end.

Failed transactions can happen due to several reasons including non existance of the recipients account, frozen account of the recipient etc. Your transaction can also fail if you wrongly provide certain important information to the bank for initiating a RTGS remittance. You need to carefully furnish the following information to the bank:

* Amount you want to transfer.

* Your account number which is to be debited

* Name of the beneficiary bank and branch.

* IFSC number of the receiving bank.

* Name of the beneficiary customer.

* Account number of the beneficiary whom you want to transfer the amount.

* Sender to receive information, if any.

No charge is levied for inward transactions under RTGS. For outward transaction between Rs. 2 lakhs to Rs. 5 lakhs the fee is Rs. 30 per transaction. For outward transactions above Rs. 5 lakhs the processing fee is Rs. 55 per transaction.

Click here to read What is the minimum amount that can be remitted through RTGS?

However, all the banks in India do not provide RTGS service. The list of banks providing RTGS service is available in the website of RBI.

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Read more about: rtgs, rbi
Story first published: Wednesday, June 11, 2014, 13:11 [IST]
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