RTGS (Real Time Gross Settlement) is a method of settling funds in real-time, order by order. To put it another way, rather than being handled in batches as is the case with NEFT, the request to move or settle funds is handled directly. The RTGS framework is designed to handle high-volume transactions. As a result, the smallest amount that can be sent through RTGS in a single day is Rs 2 lakh. The maximum daily amount is Rs 10 lakh. Banks will begin using the RTGS service window for consumer transactions at 8 a.m. on a working day. until 6 p.m. Banks charge service fees that vary according to the amount of the transaction. The fees vary depending on the bank and the timing of transactions.
RTGS transfer timings
RTGS is available for customer and inter-bank transactions round the clock — except for the interval between ‘end-of-day’ and ‘start-of-day’ processes (these timings will be duly broadcasted through the RTGS system).
RTGS transfer limits
For RTGS transactions, there is a minimum limit of Rs. 2 lakhs and no maximum limit.
You can apply for an RTGS-enabled account by contacting your bank or checking your eligibility status in your online banking portal. If you’re using RTGS to transfer funds, make sure both you and the recipient have RTGS-enabled accounts.
How to do RTGS transfer
To transfer funds via RTGS, Log in to your banking portal and add the recipient as a beneficiary by entering information such as their name, account number, account type, and IFSC code. The fund transfer will then be completed after you select RTGS as the mode of transfer and enter the amount to be transferred.
Some of the benefits of this method
- Real-time online fund transfer
- Used for high-value transactions
- Safe and secure
- Reliable and backed by RBI
- Immediate clearing
- Funds credited on a one-on-one basis
- Transactions executed on an individual and gross basis
