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What is RTGS System ?
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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.
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Is there any minimum / maximum amount stipulation for RTGS
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transactions ? |
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The RTGS system is primarily for large value transactions. The
minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper
ceiling for RTGS transactions.
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What is the essential information that the remitting customer
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would have to furnish to a bank for the remittance to be
effected ?
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The remitting customer has to furnish the following information
to a bank for effecting a RTGS remittance:
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Amount to be remitted
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His account number which is to be debited
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Name of the beneficiary bank
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Name of the beneficiary customer
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Account number of the beneficiary customer
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Sender to receiver information, if any
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The IFSC code of the receiving branch
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Your Bank is one of the few banks in India who has the
facility of Straight Through Processing enabled for RTGS. This helps your money
to reach its destination in "QUICKEST" time.
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At what time during the day/week the RTGS service is
available?
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RTGS transactions will be sent to RBI based on the following schedule:
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Day
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Start Time
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End Time
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Monday to Friday
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9:00 hrs
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16:00 hrs
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Saturday
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9:00 hrs
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13:00 hrs
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Please note that all the above timings are based on Indian
Standard Time (IST) only.
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