RTGS(Real Time Gross Settlement)
RTGS full form is Real Time Gross Settlement which used to transfer the funds from one bank to another without subjecting the same to any waiting period. RT(Real Time) refers to proceesing of fund transfer at the same time when instruction is received and GS(Gross Settlement) means that each transaction is processed individually and bundled with other transactions.
How RTGS is different from NEFT?
NEFT ia an electronic funds transfer system based on DNS(Deferred Net Settlement) which settle the transaction in batches where RTGS done in real-time(continuously) and on an order-by-order basis. Not bundled with other transactions.
What is the procedure of money transfer through RTGS?
- Go to Funds Transfer and select 'Transfer to other bank (using RTGSIt stands for Real Time Gross Settlement.
- Add the beneficiary's details.
- Complete the transfer details (the sender and recipient information)
- Confirm your transaction
What are the benefits of RTGS?
- RTGS is having tha savings in money to support any payment transaction.
- Due to real time processing and settlement of transfer instructions, the credit and liquidity risks are eliminated.
- It leads to flexible movement of funds from one end to another using the IT platform and reduces the systematic risks in the settlement system.
What is the limit of RTGS transactions?
The minimum amount to be trabsfer the funds by RTGS is Rs. 2 lakh and there is no upper limit. The RTGS system is firstly used for large value transactions.
What are the timings of RTGS funds transfer?
The timings of RTGS is available from Monday to Friday: 9 am to 4;30 pm and from Saturday: 9 am to 2 pm done continuously throughout the day. Timings are depending on bank's customer timings.