Latest News
-
Rs 17/Share Dividend: Record Date On April 26; Buy The ICICI Group Stock To Be Eligible? -
Honasa Consumer to Strengthen Operations by Merging Fusion Cosmeceutics and Just4Kids -
Wipro Reports 7.8% Decline in Q4 Net Profit; CEO Highlights Economic Challenges -
IREDA Hits Record Annual PAT of Rs 1,252 Cr in FY24; Q4 Profits Up by 33% -
Massive Employee Exodus Hits India's Top IT Companies in FY23-24 -
Air India Enhances Operational Efficiency with New Crew Management System -
BlackRock Acquires Shares in Electrosteel Castings and PTC India for Rs 207 Crore -
IndiGo Enhances Domestic Routes with Direct Chennai-Durgapur Flights -
Tesla to Recall Nearly 4,000 Cybertrucks Over Accelerator Pedal Fault -
Reliance, ONGC, Tata, Adanis: Energy Stocks Didn't Get The Memo Of Bears, Up 12% In 30-Days; 10 Stocks To BUY
What Is RTGS? Know The Details
RTGS means Real Time Gross Settlement. It is an electronic form of funds transfer.
Inter bank transfer helps to transfer our money electronically from the account of the remitter in one bank to the account of the beneficiary of any other bank.
There are two systems of inter bank transfer, they are RTGS and NEFT which are maintained by Reserve Bank of India. RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India. What Is The Difference Between RTGS, NEFT And IMPS?
What is RTGS?
RTGS means Real Time Gross Settlement. It is an electronic form of funds transfer. The transmission takes place on a real time basis. In India, transfer of funds with RTGS is done for high-value transactions, the minimum amount being Rs 2 lakh. The beneficiary account receives the funds transferred, on a real time basis.
Maximum amount for transaction
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is 2 lakh. There is no cap for RTGS. The money will be credited into receiver's bank account within 30 minutes.
Timing of RTGS
The RTGS window is open for customers from 9 AM to 4.30 PM on weekdays. On Saturdays, the timing is 9 AM to 2 PM. It operates in hourly batches. RTGS transactions can be rescheduled in advance. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. The timings that the banks follow may vary depending on the customer timings of the bank branches across the country.
Message alert
Once we carried out a transaction using RTGS, the remitting bank receives a message from the Reserve Bank 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. Read Also: How To Transfer Or Send Money Within India?
Service charge for RTGS
A framework has been created by RBI to rationalize the service charges levied by banks for RTGS.
Inward transactions through RTGS are free and no charge to be levied. For outward transactions, 2 lakh to -5 lakh a service charge not exceeding Rs 30 will be levied. For transferring above Rs 5 lakh, service charge not exceeding Rs 55.00 per transaction will be levied.
Details needed
To initiate a RTGS transaction, the remitting customer has to furnish the following information to a bank:
- Amount to be remitted
- Remitting customer's account number which is to be debited
- Name of the beneficiary bank and branch
- The IFSC Number of the receiving branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if any
Goodreturns.in
