RTGS (Real Time Gross Settlement)

There are three main method to transfer online funds, which are NEFTRTGS and IMPS. Of these, today we will get detailed information about RTGS (Real Time Gross Settlement).

It is an electronic funds transfer system which allows their customers to transfer or received money to be easily and safely from one bank account to another bank account.



The RTGS stands for is Real Time Gross Settlement. There is a quick process for fund transfer in account. Real time means instant fund transfer and gross settlement means there is no link to RTGS with any other fund transfer. In this process, money is transferred instantly or within 30 minutes, the bank has to transfer it to the account in the funding process.


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RTGS means real time gross settlement. RTGS is an electronic medium for transferring funds from one account to another, in which funds are transferred to the real time basis. In RTGS any transaction gets immediate settlement, which is called real time. It takes about 30 minutes to complete transaction. Through RTGS you can transfer upto at least Rs. 2 lakh and the maximum limit is Rs 10 lakh per day.




RTGS is used for large fund transfer. The minimum amount is Rs 2 lakh. If any reason the fund which is transferred by you does not credited in the concerned account, the entire amount auto credited back to your account in just 2 hrs. In RTGS its transaction settlement timing is Monday to Saturday (Except 2nd and 4th Saturday) from 8:00 AM to 4:30 PMThere is no settlement on the second and fourth Saturday of the month or on Sunday and public holidays.



What are the benefits of RTGS fund transfer ?


1. RTGS is an electronic funds transfer system and if there is a break such as bank holidays and public holidays then the amount is transferred to the next working day.

2. RTGS can also be done offline but for that, fill up a remittance form and submit it to the bank branch on which the sender’s name should be written.

3. Remitters are charged less on transfer of funds than others in RTGS.


4. If any reason the fund which is transferred by remitter does not credited in the concerned account, the entire amount auto credited back to remitter account so there is no charges levy by bank on the amount which is auto credited in remitter account.


5. RTGS is real time transfer of funds to the beneficiary account.

6. In RTGS remitter need not use a physical cheque or a demand draft to transfer fund.

7. The beneficiary need not visit a bank branch for depositing the paper instruments for transferring funds.

8. The facility of NEFT is available to customers in branches of banks and online banking. It is very popular because of the time saving and easy process, in this process transaction can be easily done by online banking.


Service charges for RTGS transactions

RTGS
Transaction charges

 RTGS amounts above Rs 2 lakh and upto Rs 5 lakh
Rs 25 + Applicable GST
 RTGS amounts above Rs 5 lakh and upto Rs 10 lakh
Rs 50 + Applicable GST



more topics about :-

NEFT | National Electronic Funds Transfer



IMPS | Immediate Payment Service



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