Real Time Gross Settlement or RTGS is a form of electronic money transfer where the money is transacted in real time. It is often considered a better option than other similar forms of payment such as NEFT and IMPS. Here are some of the factors of RTGS money transfer that you should be aware of.
1. Minimum and maximum value of transfer
RTGS transfer is used in case of large transactions. This is because, the mode can only be used in case of transferring more than Rs. 2 Lakh at a time. However, the maximum limit of transfer at once is set at Rs. 10 Lakh. So, if you want to transfer money within this range, ensure you choose the RTGS method.
2. Type of settlement
The money is transferred on a one-on-one basis which is always convenient. In NEFT method, the payment occurs in batches, which means that there is a delay when it comes to the transfer. Furthermore, the settlement occurs immediately in case of RTGS payment and not hourly, as in the case of NEFT transfers.
3. Timing for RTGS
RTGS transfer is not available at all times. For instance, during weekdays the available time for RTGS payment is from 8:00 am till 4:00 pm. On Saturday, the timing is from 9:00 am to 4:30 pm. However, the same form of transfer is not available on Sundays and public holidays. It is important for you to know the timings if you want to conduct RTGS transactions.
4. Cost of RTGS transactions
The fee for RTGS transaction depends on the amount that is being transferred. If the amount is between Rs 2 Lakhs and Rs. 5 Lakhs, the transaction cost will be Rs. 25. If the amount is greater than Rs. 5 Lakh, the transaction cost is Rs. 50. Therefore, the cost for RTGS is quite reasonable and easy to afford.
5. Online and offline transaction
The most convenient factor for an RTGS transfer is that it can be conducted both online and offline. So, you can simply visit the bank’s website or open the bank's app to initiate a transaction. From there you can easily conduct the transfer by providing the necessary details of the beneficiary’s account. This will help you save money and avoid any hassle that may crop up in the offline process.
Now that you know all the basic but important details concerning RTGS transfers, keep them in mind to initiate and conduct such a transaction smoothly.
1. Minimum and maximum value of transfer
RTGS transfer is used in case of large transactions. This is because, the mode can only be used in case of transferring more than Rs. 2 Lakh at a time. However, the maximum limit of transfer at once is set at Rs. 10 Lakh. So, if you want to transfer money within this range, ensure you choose the RTGS method.
2. Type of settlement
The money is transferred on a one-on-one basis which is always convenient. In NEFT method, the payment occurs in batches, which means that there is a delay when it comes to the transfer. Furthermore, the settlement occurs immediately in case of RTGS payment and not hourly, as in the case of NEFT transfers.
3. Timing for RTGS
RTGS transfer is not available at all times. For instance, during weekdays the available time for RTGS payment is from 8:00 am till 4:00 pm. On Saturday, the timing is from 9:00 am to 4:30 pm. However, the same form of transfer is not available on Sundays and public holidays. It is important for you to know the timings if you want to conduct RTGS transactions.
4. Cost of RTGS transactions
The fee for RTGS transaction depends on the amount that is being transferred. If the amount is between Rs 2 Lakhs and Rs. 5 Lakhs, the transaction cost will be Rs. 25. If the amount is greater than Rs. 5 Lakh, the transaction cost is Rs. 50. Therefore, the cost for RTGS is quite reasonable and easy to afford.
5. Online and offline transaction
The most convenient factor for an RTGS transfer is that it can be conducted both online and offline. So, you can simply visit the bank’s website or open the bank's app to initiate a transaction. From there you can easily conduct the transfer by providing the necessary details of the beneficiary’s account. This will help you save money and avoid any hassle that may crop up in the offline process.
Now that you know all the basic but important details concerning RTGS transfers, keep them in mind to initiate and conduct such a transaction smoothly.
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