RTGS - Check Features, Benefits, Timings and Charges (2024)

FAQs

What is the timing of RTGS transfer? ›

RTGS transfer is available round the clock 24*7 and 365 days every day of the year including weekends and public or bank holidays. The funds are transferred in real-time to the beneficiary account and you do not need to visit the bank branch to initiate an RTGS transfer.

Real Time Gross Settlement (RTGS) is an electronic form of funds transfer where the transmission takes place on a real time basis. In India, transfer of funds withRTGS 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.

What are the charges for RTGS as per RBI guidelines? The RBI sets maximum charges for RTGS: ₹24.50 + GST for transactions between Rs 2-5 lakh and ₹49.50 + GST for transactions above Rs 5 lakh.

Ans. Under normal circ*mstances, 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 must credit the beneficiary's account within 30 minutes of receiving the funds transfer message.

There's a minimum limit of Rs. 2 lakhs for RTGS transactions, and there's no maximum limit as such. To get an RTGS-enabled account, you can either contact your bank or check your eligibility status in your online banking portal.

A higher charge is incurred in the case of RTGS payments. There are specific limits to the amounts that can be transferred through this system at once. Also, the customer cannot trace the transaction – only a positive confirmation is received by the remitting bank regarding the fund transfer from the RBI.

Settlement Speed: NEFT operates on a deferred settlement mode, where transactions are processed and settled in batches. The settlements take place in hourly intervals. Conversely, RTGS settles transactions in real time, meaning the funds are instantly transferred into beneficiary accounts.

The minimum amount required to be transferred under RTGS is Rs. 2 lakhs. The maximum amount that can be transferred under this system can vary across banks. There is no upper limit set by the RBI for RTGS transactions.

What to write on a check for RTGS? ›

You need to take a cheque leaf and fill out all the details on the back side of the cheque including beneficiary name, account details, IFSC, etc. On the front of the cheque you need to fill out “Oneself” for RTGS to xxxxx (name of beneficiary) and the amount.” Write the date of the transaction on the form.

NEFT transactions are relatively slower than RTGS and IMPS transfers. The processing time for NEFT can take up to 2 hours. RTGS transactions are faster than NEFT, with funds typically being credited within 30 minutes. IMPS enables instant transactions, allowing for immediate fund transfers.

The RTGS service is available 24 hours a day and seven days a week, even on weekends and bank holidays. Any amount above ₹2 lakh can be transferred using the RTGS mechanism subject to third-party transfer limits set by the customer and as per the bank's policies.

Most RTGs use ²³⁸Pu, which decays with a half-life of 87.7 years. RTGs using this material will therefore diminish in power output by a factor of 1 – (1/2)^1/87.7, which is 0.787%, per year. One example is the MHW-RTG used by the Voyager probes.

As long as it is legal money there is no problem. A pan card is required if you deposit more than Rs. 50,000/- in cash in your account. Here you got the money by RTGS.

NEFT transactions are relatively slower than RTGS and IMPS transfers. The processing time for NEFT can take up to 2 hours. RTGS transactions are faster than NEFT, with funds typically being credited within 30 minutes. IMPS enables instant transactions, allowing for immediate fund transfers.

You need to have an active net banking account to perform online transactions. Take not of the bank's cut off time because it can impact the RTGS credit time. To speed up processing, make sure you provide accurate information for both the debit account and the RTGS beneficiary account.