There used to be a time in Indian banking when the entire banking process was a physical exercise. Employers used to pay remunerations in cheques, which took a few days to clear. Plus, one had to run to the bank for every little thing. But ever since internet began dominating the world, banks capitalized on it to ease the entire banking experience by introducing net banking. RTGS is one such money transferring facility, of the many net-banking facilities that has made modern banking convenient and easy.
So what exactly is RTGS?
RTGS or Real Time Gross Settlement is a popular method of transferring funds, through which you can send money to any account without any delays, in ‘real time’. An electronic fund transfer system, RTGS transfer allows the funds sent by the remitter to reach the beneficiary/payee immediately after the transaction is initiated. ‘Gross Settlement is denoted by the fact that the transaction is processed on an individual basis and not batch wise.
How can I send money through RTGS?
Net banking is the only method you can use for sending money through RTGS. To initiate an RTGS payment, you would require a few details of the beneficiary. RTGS is even faster than the NEFT mode of payment. One of the finest features of wiring money through the RTGS system is that you can you can schedule transactions in advance.
What information do I need about the Payee?
• Name of the payee as in their bank account
• Name of the bank, its IFSC code and its branch
• Payee’s account number
• The amount that must be transferred
Steps for making an RTGS payment
1. Enter your username and password and login to your net-banking account
2. Click on the ‘Funds Transfer’ icon visible on the home page
3. Choose RTGS as the mode of payment and enter the beneficiary details as mentioned above
4. Review the details entered before submitting. The money will be credited to the payees’ account immediately.
What are the features of RTGS transaction?
• RTGS allows the transfer of funds online in a real-time manner i.e. the beneficiary can withdraw the amount as soon as it is transferred.
• Typically designed for transactions of large values, RTGS can be used for transferring funds above a minimum of ₹200,000.
• Backed by the RBI, RTGS transfers are safe and secure and designed for immediate clearing
• Funds are credited on a one-on-one basis and can be scheduled in advance
• Transactions are executed on an individual and gross basis
Fees and Charges
The receiver does not incur any charges; however the sender must pay a small fee based on the amount he transfers. The sender must pay ₹30 per transaction for transfer amounts ranging from ₹200,000 to ₹500,000. He must pay ₹55 for any transaction above ₹500,000.
RTGS Timings
An RTGS transfer can be done from Monday to Saturday between 9:00 a.m. to 4.30 p.m. on weekdays and 9:00 a.m. to 2:00 p.m. on Saturdays.
So what exactly is RTGS?
RTGS or Real Time Gross Settlement is a popular method of transferring funds, through which you can send money to any account without any delays, in ‘real time’. An electronic fund transfer system, RTGS transfer allows the funds sent by the remitter to reach the beneficiary/payee immediately after the transaction is initiated. ‘Gross Settlement is denoted by the fact that the transaction is processed on an individual basis and not batch wise.
How can I send money through RTGS?
Net banking is the only method you can use for sending money through RTGS. To initiate an RTGS payment, you would require a few details of the beneficiary. RTGS is even faster than the NEFT mode of payment. One of the finest features of wiring money through the RTGS system is that you can you can schedule transactions in advance.
What information do I need about the Payee?
• Name of the payee as in their bank account
• Name of the bank, its IFSC code and its branch
• Payee’s account number
• The amount that must be transferred
Steps for making an RTGS payment
1. Enter your username and password and login to your net-banking account
2. Click on the ‘Funds Transfer’ icon visible on the home page
3. Choose RTGS as the mode of payment and enter the beneficiary details as mentioned above
4. Review the details entered before submitting. The money will be credited to the payees’ account immediately.
What are the features of RTGS transaction?
• RTGS allows the transfer of funds online in a real-time manner i.e. the beneficiary can withdraw the amount as soon as it is transferred.
• Typically designed for transactions of large values, RTGS can be used for transferring funds above a minimum of ₹200,000.
• Backed by the RBI, RTGS transfers are safe and secure and designed for immediate clearing
• Funds are credited on a one-on-one basis and can be scheduled in advance
• Transactions are executed on an individual and gross basis
Fees and Charges
The receiver does not incur any charges; however the sender must pay a small fee based on the amount he transfers. The sender must pay ₹30 per transaction for transfer amounts ranging from ₹200,000 to ₹500,000. He must pay ₹55 for any transaction above ₹500,000.
RTGS Timings
An RTGS transfer can be done from Monday to Saturday between 9:00 a.m. to 4.30 p.m. on weekdays and 9:00 a.m. to 2:00 p.m. on Saturdays.
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