Real Time Gross Settlement (RTGS) is a process of settlement where the amounts are credited on a real time basis.
In fact, the NEFT is basically a deferred way of settling your transaction, as the same is done in batches, wherein under RTGS it is done on a real time basis.
However, it maybe possible that there is some delay in crediting the accounts by the bank.
According to the Reserve Bank of India the amounts have to be credited with 30 minutes of receiving the same.
Is RTGS remittance always possible?
It may not always be possible to remit money through RTGS as both the banks, that is the sending and receiving bank have to be enabled with the RTGS.
At the moment there are more than 1,10,000 branches that are RTGS enabled.
How do you know the RTGS amount is credited?
If you have an internet banking account you can check the same through that. On the other hand, most of the banks these days offer you an SMS alert which will tell you if the amount is credited or not. In case you do not receive the same, you can contact the branch.
If you still have grievances, you can complaint to the Customer Service Department of RBI:
The Chief General Manager
Reserve Bank of India
Customer Service Department
1st Floor, Amar Building, Fort
Mumbai - 400 001
When to do RTGS and NEFT?
Generally, the very large transactions are done on a Real Time Gross Settlement basis. On the other hand very small time transactions and large could be done by NEFT.
Also transactions from abroad is done through the RTGS. However, remitting from abroad is never instant an it does take sometime.
It is important to note that if your value is under Rs 2 lakhs you cannot do an RTGS transaction. It is always done through NEFT or through other mechanisms like cheques and demand drafts.
What happens if money is not credited under RTGS?
If there is an account that is frozen the chances are bright that the amounts would be returned back. In such cases the debit transaction would be reversed and individuals would get back their credit. It normally takes an hour after to get back the amount. However, you can wait for a few more hours before contacting the concerned branch.
If your query is still not resolved, you can approach the RBI.