RTGS - Transfer Money to any Local Bank within Kenya (2024)

FAQs

RTGS - Transfer Money to any Local Bank within Kenya? ›

RTGS (Real Time Gross Settlement)

Q. Can RTGS be done within the same bank? Ans. Yes, Real-Time Gross Settlement allows people to send or receive money between two bank accounts of the same bank or two different banks through mobile or/and internet banking.

It is an automated payment system used to transfer money between local banks in Kenya. EFT allows you to transfer money from your Prime Bank account to another bank account within Kenya. The transfer goes through in 48hrs subject to a cut of time of 4PM Kenyan Time. RTGS stands for Real Time Gross Settlement.

Real Time Gross Settlement (RTGS)

Transfer money from your Family Bank account to any another local bank within Kenya. These transactions are completed within a minimum period of 2 hours subject to a cut-off time of 3PM.

It's a limit set on amounts. The limit set for value capping is Kshs 1million, USD 35,000 EUR 30,000 and GBP 15,000 and above that will NOT be processed through the Nairobi Automated Clearing House from 1st October 2009. Q - What is RTGS?

Yes, you can make NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) transactions from any branch of your bank, even if it is not your home branch.

RTGS transactions / transfers have no amount cap set by RBI. The system is available on all days on 24x7x365 basis. There is real time transfer of funds to the beneficiary account. The remitter need not use a physical cheque or a demand draft.

Real Time Gross Settlement (RTGS)

This transfer goes through on the same day subject to a cut-off time of 3 PM.

– RTGS transfer limits

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.

Although RTGS and SWIFT are both used for high-value payments, they are quite different systems. RTGS is a domestic system, whereas SWIFT is an international system. RTGS is used to process payments within the same country, whereas SWIFT is used to process payments between different countries.

How long does it take for RTGS transfer to reflect? ›

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 has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message.

Fees and Charges for RTGS Transactions

In the case of online transfers, no charges are levied for RTGS transactions. In case the RTGS transaction is completed at a bank branch, a charge of Rs. 15 Plus GST is levied.

RTGS cut off time is 2pm (EAT) on a working day. Any transaction done after the cut off will be processed during the next working day. EFT cut off time for same day processing is 4 pm (EAT) on a working day.

Amount upto Rs. 2,00,000/- is transferred via NEFT (National Electronic Funds Transfer) & amount over Rs. Two Lakhs is automatically considered as RTGS ( Real Time Gross Settlement). One cannot transfer amount over Rs.

You can transfer funds through RTGS via online banking or bank branches. While there is no maximum limit on fund transfer amount, the minimum transaction limit is ₹2 lakh. RTGS charges are capped at ₹50 for transfers exceeding ₹5 lakh.

Visit your bank: Go to the bank branch where you have an account and request for RTGS transfer. Fill out an RTGS form: You will need to fill out an RTGS form, which is available at the bank. Fill in the required details, such as the beneficiary's name, account number, and the amount you want to transfer.

You can do RTGS transactions using both, online and offline ways. To do the transaction online, you must have active internet banking. On the other hand, if you want to perform the RTGS transaction offline, you will have to visit your nearest RTGS-enabled bank branch and submit a fund transfer form.

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.

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 has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message. 6.

No. RTGS and NEFT services are enabled only in specific bank branches across the country. A list of such RTGS/NEFT enabled branches can be obtained from the RBI website, http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls for RTGS and http://www.rbi.org.in/scripts/neft.aspx for NEFT.