What is the time taken to transfer money under RTGS?

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oi-Sunil

By Sunil Fernandes

Published: Monday, November 4, 2013, 9:07 [IST]

Real Time Gross Settlement (RTGS) is a mechanism of transferring money as soon as the instruction is received - ie in real time.
According to the Reserve Bank of India (RBI) under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank.

The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

The remitting bank receives a message from the Reserve Bank of India that money has been credited to the receiving bank. Based on this the remitting bank can advise the remitting customer through SMS that money has been credited to the receiving bank. Of course, you must activate your SMS services with your bank to receive the message.

Is there any way that a remitting customer can track the remittance transaction?

Ans It would depend on the arrangement between the remitting customer and the remitting bank. Some banks with internet banking facility provide this service. Once the funds are credited to the account of the beneficiary bank, the remitting customer gets a confirmation from his bank either by an e-mail or SMS. Customer may also contact RTGS / NEFT Customer Facilitation Centres of the banks, for tracking a transaction.

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Information Courtesy: Reserve Bank of India