The full form RTGS is Real Time Gross Settlement. It is a fund transfer system with the help of which bank holder can transfer the funds from one bank to another easily and quickly. The RTGS system is managed and controlled by the Reserve Bank of India (RBI) and currently approx. 1,10,000 bank branches are providing the services of RTGS.
You can perform the RTGS via online mode through net Banking, or you also have the option to perform the same by going through the bank branch. You can send the funds through real-time, and the beneficiary will receive the money within 30 minutes.
To perform the transaction, you must have details of the payee bank details (account number, name, and IFSC code). The minimum transaction can be made through Real Time Gross Settlement is rupees Two Lakhs, and the maximum is rupees twenty-five lakhs.
It is only used for high-value transactions, and the system is highly secure with the latest technologies. But there are also few drawbacks of the RTGS system that are you can only perform big transactions through it, and it is restricted to the working hours. Moreover, you can only use the RTGS for the transfer of funds within a country. For you knowledge, we have provided ore details of the RTGS (timings, transaction limit, features, benefit, process/Guide etc) below.
RTGS (Real Time Gross Settlement)
Features Of RTGS
- Easy and secure- You can transfer the funds online also and with high security.
- The transaction will be through real-time, and money will be transferred to the beneficiary account within 30 minutes.
- No paperwork, you don’t require and documents such as demand draft and cheque.
- No extra charges to perform the transaction bank will charge only minimum charges as per the rules.
- Lessor no chances or fraud as there is a completely transparent system between receiver and sender.
- All the function is controlled by the Reserve Bank of India (RBI) itself.
- The wrong or fraud transaction can be reserved as per the terms and conditions.
- You can make the transaction from anywhere with internet banking.
- Eliminate the risk of damage/stealing/theft of physical instruments.
- If you are making RTGS transactions via bank, then there are no restrictions on the maximum limit.
The Real-Time Gross Settlement timing for the working days is from 7.00 a.m. to 6.00 p.m., Whereas you can perform the transaction on the Saturdays from 9.00 a.m. to 2.00 p.m.
|Working Days||7.00 a.m. – 6.00 p.m.|
|Saturdays||9.00 a.m. – 2.00 p.m.|
Charges For RTGS Transactions
|Amount||Time Varying Charge per Outward Transaction||RTGS Fee|
|Rs.2 lakh to Rs.5 lakh||07:00 a.m. to 11:00 a.m. – Rs 0/-11:00 a.m. to 1:00 p.m. – Rs.2 01:00 p.m. to 6:00 p.m. – Rs.5Post 6:00 p.m. – Rs.10||Rs.30 per transaction|
|Above Rs.5 lakh||Rs.55 per transaction|
Beneficiary Details Needed To Make RTGS Transaction
Name of the beneficiary, Account number, bank name and its branch, IFSC code, and the amount require to be transferred.
Transaction Limit Of RTGS
Minimum Amount- Rs.2 lakh per day
Maximum Amount- Rs.25 lakh per day
Note: There will be no maximum limit if you are performing the Real Time Gross Settlement through the bank branch.
How To Do RTGS? – Check Process
- Open the net banking portal of your bank.
- Log in to the same by providing the user name and password
- Now you have to select the option for the “Fund Transfer,” and after that, you have to select the ‘Add Beneficiary’ option.
- Thereafter, enter the bank information of the beneficiary, such as account number, name, branch details, and IFSC code.
- After entering the details, you will ask to recheck the same. Check it and confirm it.
- Now you are ready to transfer the funds to the added beneficiary account.
- Now again, you have to move forward to the “Fund Transfer” option.
- Choose the beneficiary to which you want to transfer the money.
- Now, provide the amount you want to transfer, the amount must not be less than two lakhs.
- Accept the terms and conditions and perform the transaction by pressing the “Confirm” button.
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CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.