Real Gross Time Settlement or RTGS is a mode of electronic transfer through which transfer of money happens on a real-time basis. In India, RTGS transfer is used for high-value transactions. The minimum amount that needs to be transferred is INR 2 Lakh. The beneficiary account receives the amount immediately i.e. in real time. RTGS payment is becoming very popular in India, because of its speed and convenience.
The chief difference between NEFT and RTGS is that in NEFT, the transaction takes place in batches whereas with RTGS the gross amount is transferred in one go. If you want to use RTGS, then you need an Indian Financial System Code (IFSC). Both the bank branches, the initiator and recipient, need to be RTGS enabled for the transaction to proceed.
If you have an online bank account, then you can utilize RTGS to make transactions by yourself.
Here is a breakdown of how RTGS works-
The whole process of RTGS transfer starts with you adding a beneficiary. If your transaction is online, then enable both Third Party Funds Transfer and internet banking facilities.
Here is how you add a beneficiary for RTGS payment-
1. Log in to your bank’s net banking website with your customer ID and password
2. Click on the Funds Transfer tab
3. Click on Add Beneficiary
4. Then click on Transfer to other Bank
5. Click on Beneficiary’s IFCS using the bank and branch names
6. Click on Add
7. Then Click on Confirm
8. After you authenticate yourself, you will receive a confirmation message
This is what you need to do to make a transfer through RTGS-
1. Click on the Funds Transfer tab and select Transfer to other Bank
2. Then select the account, your Beneficiary and enter all the relevant details
3. Click on ‘I accept the Terms and Conditions’
4. Go over the details of the transactions before you complete the transaction
Further information on RTGS transactions-
• Because of security reasons, The Beneficiary will be activated after 30 minutes. Your beneficiary will be displayed in the ‘View Beneficiary’ segment
• RTGS transactions will take place 24 hours after Beneficiary activation
• You can add or modify a maximum of 10 beneficiaries in the span of 24 hours
RTGS is a revolutionary technology that is immensely helpful in transferring a large consignment of money in real time with no hassles.
The chief difference between NEFT and RTGS is that in NEFT, the transaction takes place in batches whereas with RTGS the gross amount is transferred in one go. If you want to use RTGS, then you need an Indian Financial System Code (IFSC). Both the bank branches, the initiator and recipient, need to be RTGS enabled for the transaction to proceed.
If you have an online bank account, then you can utilize RTGS to make transactions by yourself.
Here is a breakdown of how RTGS works-
The whole process of RTGS transfer starts with you adding a beneficiary. If your transaction is online, then enable both Third Party Funds Transfer and internet banking facilities.
Here is how you add a beneficiary for RTGS payment-
1. Log in to your bank’s net banking website with your customer ID and password
2. Click on the Funds Transfer tab
3. Click on Add Beneficiary
4. Then click on Transfer to other Bank
5. Click on Beneficiary’s IFCS using the bank and branch names
6. Click on Add
7. Then Click on Confirm
8. After you authenticate yourself, you will receive a confirmation message
This is what you need to do to make a transfer through RTGS-
1. Click on the Funds Transfer tab and select Transfer to other Bank
2. Then select the account, your Beneficiary and enter all the relevant details
3. Click on ‘I accept the Terms and Conditions’
4. Go over the details of the transactions before you complete the transaction
Further information on RTGS transactions-
• Because of security reasons, The Beneficiary will be activated after 30 minutes. Your beneficiary will be displayed in the ‘View Beneficiary’ segment
• RTGS transactions will take place 24 hours after Beneficiary activation
• You can add or modify a maximum of 10 beneficiaries in the span of 24 hours
RTGS is a revolutionary technology that is immensely helpful in transferring a large consignment of money in real time with no hassles.
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