RTGS or Real Time Gross Settlement is a mean of money transfer that allows you to transact large sums of money instantly. It is an online process where the minimum amount of transaction has to be Rs.2 lakhs. There is no upper limit to the transactions. However, both the banks paying and receiving the money must be RTGS enabled. It is among the fastest and most secure means of financial transaction in the country with more than 100,00 bank branches offering the service.
How to do RTGS?
• You should activate the internet banking facility on your bank account if it is not already activated. Check if your bank and the bank you are transferring the money to are RTGS enabled.
• Log into your account and go to the page for RTGS transfers.
• Input details of the beneficiary such as name, account number, IFSC code etc. You also have to provide data such as the bank and the branch that holds the account.
• Enter the amount you wish to transact. All RTGS transfers charge a nominal fee, between Rs.25 and Rs.55, which depends on the amount being transacted.
• After you confirm the transaction, you will receive a password that you will have to enter to proceed with the transaction. This is an added level of security.
You get notifications on the successful completion of the transaction. In case you face any difficulty with the transaction, it is best to consult a representative of your bank.
Benefits of using RTGS
• It is an instant process, which does not require your physical presence in the bank. You can also do an offline submission at your branch in case you are not comfortable with online transactions.
• The charges for a transaction are lower as compared to other instruments for large money transfers such as a demand draft.
• It is a paperless transfer. Therefore, it avoids the complications that can arise from the loss of a cheque or demand draft. In case a transfer is not successful, the entire amount is credited back to your account in no time.
• The online process ensures that there is no forgery.
• The chances of default are eliminated, unlike cheques.
• The facility of instant transfer helps businesses to go about their daily transactions smoothly without any delays.
RTGS payments is a safe and secure mode of money transaction that has become extremely popular since its introduction by the Reserve Bank of India. Since there are no delays in the transfer, it helps new businesses to build a strong supplier and buyer relation. The risk of loss and theft of money is also minimised with several levels of security checks. If you are looking to transfer huge sums of money in a hassle-free manner, RTGS payment is the most reliable transfer mechanism you can opt for.
How to do RTGS?
• You should activate the internet banking facility on your bank account if it is not already activated. Check if your bank and the bank you are transferring the money to are RTGS enabled.
• Log into your account and go to the page for RTGS transfers.
• Input details of the beneficiary such as name, account number, IFSC code etc. You also have to provide data such as the bank and the branch that holds the account.
• Enter the amount you wish to transact. All RTGS transfers charge a nominal fee, between Rs.25 and Rs.55, which depends on the amount being transacted.
• After you confirm the transaction, you will receive a password that you will have to enter to proceed with the transaction. This is an added level of security.
You get notifications on the successful completion of the transaction. In case you face any difficulty with the transaction, it is best to consult a representative of your bank.
Benefits of using RTGS
• It is an instant process, which does not require your physical presence in the bank. You can also do an offline submission at your branch in case you are not comfortable with online transactions.
• The charges for a transaction are lower as compared to other instruments for large money transfers such as a demand draft.
• It is a paperless transfer. Therefore, it avoids the complications that can arise from the loss of a cheque or demand draft. In case a transfer is not successful, the entire amount is credited back to your account in no time.
• The online process ensures that there is no forgery.
• The chances of default are eliminated, unlike cheques.
• The facility of instant transfer helps businesses to go about their daily transactions smoothly without any delays.
RTGS payments is a safe and secure mode of money transaction that has become extremely popular since its introduction by the Reserve Bank of India. Since there are no delays in the transfer, it helps new businesses to build a strong supplier and buyer relation. The risk of loss and theft of money is also minimised with several levels of security checks. If you are looking to transfer huge sums of money in a hassle-free manner, RTGS payment is the most reliable transfer mechanism you can opt for.
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