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Updated: 16-06-2022 09:28:22 AM

Real Time Gross Settlements or RTGS, as it is commonly called, is one of the electronic modes of money transfer from one bank account to another, like NEFT. It entails a continuous or real-time settlement of payments on an individual order basis, without netting. ‘Real Time’ is the actual time at which the instructions are received and Gross Settlement is settling the funds transfer individually rather than in bulk or batches, as done in case of NEFT. RTGS is so far, the fastest mode of inter-bank funds transfer. Here is all you need to know about it.

Difference Between RTGS and NEFT

NEFT operates on a Deferred Net Settlement or DNS basis. In this type of transfer, the transactions are settled in batches. There is a stipulated cut-off time till which the DNS accumulates all the transactions. Once that time is over then the transactions received are netted under payables and receivables. On the other hand, in RTGS the every transaction is settled individually on order to order basis. For instance, if NEFT operates in half-hourly batches, then there will be about 23 settlements in a specific time frame on any given working weekday. As opposed to this, in the RTGS form of transactions settlements are processed continuously throughout the RTGS business hours.

Minimum Stipulated RTGS Amount

The main aim of RTGS is to settle high-value urgent transactions without any delay. The lower cap for an RTGS transaction is 2 lakh rupees and there is no upper cap. However, some banks may put an upper cap on per day transactions, depending on their individual preferences. Given that the settlement of funds is done in the books of the Central Bank a.k.a RBI, these transactions are irrevocable.

Time Taken to Effect an RTGS Transaction

Ideally, the transfer of funds to the beneficiary banks is expected in real time i.e as soon as the funds have been transferred by the remitting bank. Once the funds have been received by the beneficiary bank the beneficiary bank has to further credit the beneficiary’s account within 30 minutes of receiving the message of fund transfer. The stipulated time given by RBI for the fund transfer to the beneficiary’s account is 30 minutes but depending on the convenience of the bank, the same may vary. However, at no time should it take beyond two hours to make the final transfer.

Acknowledgement Receipt to the Remitting Customer

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The entire RTGS process takes a proper channel wherein the banks are notified of the transaction at every step. In the same way, once the receiver bank has successfully transferred the funds to the account of the beneficiary a message of confirmation will be sent to the remitting bank which will further update the remitting customer of the same via message.

In case of a Failed Transfer Money to be Remitted Back

In cases where credit of money to the beneficiary’s account is not possible due to any reason, such as account frozen, or account does not exist, etc., then, in such a case the money is reversed to the remitting bank, preferably within an hour of the receiving of payment at the PI of the recipient bank or before the conclusion of the RTGS business day, whichever falls earlier.

RTGS Service Timings

The RTGS service for customers’ transactions is available from Monday to Sunday on a round-the-clock basis i.e. 24×7. Earlier, RTGS facility was available from 9:00 A.M to 4:30 PM on weekdays and 9:00 A.M to 2:00 P.M on Saturdays.

RTGS Charges

The service for RTGS transactions is made available to the customers upon payment of RTGS charges. RTGS transactions initiated online via internet/mobile banking are not chargeable. However, transactions carried out at the bank are charged with a nominal fee. Usually, every bank has its own system of determining the RTGS charges to be levied per transaction.

The slab for RTGS charges is as follows:

For inward bound transactions: no RTGS Charges.

For outward bound transactions:

For transaction value of Rs. 2 lakh up to Rs. 5 lakh – RTGS charges shall not exceed Rs.30 per transaction For transaction value Above Rs. 5 lakh – RTGS charges shall not exceed Rs. 55 per transaction It may be noted that since July 2017, SBI has substantially reduced the RTGS charges to Rs.5 for transactions between two and five lakhs. This move was made in order to move the economy towards digital transactions and encouraging more online transactions, in tandem with the Government’s plan of a digitized India.

Information to be Furnished by the Remitting Customer to its Bank

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For the RTGS transaction to take effect, there are certain essential details that the remitting customer needs to furnish to their bank. They are as under:

Remittance amount.

Account details of the remitting customer for debiting the sum.

Name of the beneficiary bank and branch

The IFSC Number of the receiving branch

Name of the beneficiary customer

Account number of the beneficiary customer

Sender to receiver information, if any

Tracking of RTGS transaction

If the remitting customer wishes to track his transaction, they need to consult their banks about the arrangements for doing so. Certain banks which have active internet banking service may provide tracking facilities online. In any case once the account of the beneficiary is credited, the remitting customer receives an SMS with the update of the same. When any issue arises regarding RTGS transactions it is always advisable to contact the Bank o first. If you are not satisfied with the resolution provided by the bank, you may lodge a complaint to the Customer Service Department of RBI at –

The Chief General Manager

Reserve Bank of India

Customer Service Department

1st Floor, Amar Building, Fort

Mumbai – 400 001

Or send an email to the following address:

cmgcsd@rbi.org.in

Branches Enabled for RTGS Transactions

While most of the major banks across India provide RTGS services, not all the bank branches are RTGS enabled. As per the RBI website, presently there are more than one lakh RTGS enabled bank branches. In case you wish to check for any specific branch, the list can be found on the RBI website.

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