Best Bank Award 2004-05 Higest Rate of Interest Easy Load - Reduced documentation Any Branch Banking Hassel Free loans
  • SNGC News
  • Service tax to increase from the financial more| Budget to be decalared on 21st April more


1. What is RTGS System ?

The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "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. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

2. Is there any minimum / Maximum amount stipulation for RTGS transaction?

The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions.

3. What is the essential information that the customer would have to furnish to a Bank for the remittance to be effected ?

The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance:

  1. 1. Amount to be remitted
  2. 2. His account number which is to be debited
  3. 3. Name of the beneficiary bank
  4. 4. Name of the beneficiary customer
  5. 5. Account number of the beneficiary customer
  6. 6. Sender to receiver information, if any
  7. 7. The IFSC code of the receiving branch

4. What time during the day /week the RTGS service is available ?

RTGS transactions will be sent to RBI based on the following schedule:

DayStart Time End Time
Monday to Friday09:00 hrs16:00 hrs
Saturday09:00 hrs13:00 hrs

Please note that all the above timings are based on Indian Standard Time (IST) only.