RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on a 'gross' basis. This is the fastest possible money transfer system through the banking channel. Settlement in 'real time' means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. 'Gross settlement' means the transaction is settled on one to one basis without bunching with any other transaction.
The RTGS system is primarily for large value transactions. The minimum amount remitted through RTGS is Rs 1 lakh. There is no upper ceiling for RTGS transactions. No minimum or maximum stipulation has been fixed for electronic fund transfer system and National electronic funds transfer system.
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 fund transfer message.
RTGS service for customer's transaction is available from 9:00 hours to 16:30 hours on week days and from 9:00 hours to 12:00 noon on Saturdays for settlement at the RBI end. However, the timings that the banks follow may vary depending on the customer timings of the bank branches. Bank will levy processing charges for offering various products.
The RTGS system is primarily for large value transactions. The minimum amount remitted through RTGS is Rs 1 lakh. There is no upper ceiling for RTGS transactions. No minimum or maximum stipulation has been fixed for electronic fund transfer system and National electronic funds transfer system.
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 fund transfer message.
RTGS service for customer's transaction is available from 9:00 hours to 16:30 hours on week days and from 9:00 hours to 12:00 noon on Saturdays for settlement at the RBI end. However, the timings that the banks follow may vary depending on the customer timings of the bank branches. Bank will levy processing charges for offering various products.
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