What is RTGS?

What is RTGS?

RTGS is an abbreviation for "Real Time Gross Settlement". RTGS can be defined as specialist funds transfer system to transfer the money from one bank to another on continuous (real-time) and gross settlement basis. It allows the individuals as well as the companies and the firms to transfer funds from one bank to another bank within the country.

'Real Time' means that the process of instructions is executed at the same time as soon as it is received rather than at some later time.

"Gross Settlement" means that the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).

For RTGS transaction, you need to fill up a form providing your or the beneficiary's details such as name, bank, branch, IFSC Code, a unique code for identifying the branch and the account number with account type. You have to attach a cheque while opting for this facility.

For RTGS transaction, you need to fill up a form providing your or the beneficiary's details such as name, bank, branch, IFSC Code, a unique code for identifying the branch and the account number with account type. You have to attach a cheque while opting for this facility.

RTGS Key Highlights

  1. Minimum amount - Rs 2,00,000
  2. Maximum amount - No limit, however, banks may restrict the amount you can transfer in one day.
  3. Transaction charges - Not more than Rs 30/- per transaction for Rs 2 to 5 lakh and not more than Rs 55/- for anything above Rs 5 lakh.
  4. Time Limit - The transactions are processed on order basis in real time. This service is available from 8 A.M. to 4.30 P.M. on the weekdays (Monday - Friday) and also on working Saturdays i.e. Saturdays other than 2nd & 4th Saturdays.
  5. The transfer is instant but the bank is allowed to take up to 2 hours for crediting the amount to the depositor account.

Upcoming Bank Holidays

2018 November 20 is a bank holiday in Kerala due to Milad-i-Sherif (Birthday Of Prophet Muhammed).
2018 November 21 is a bank holiday in Andhra Pradesh due to Eid Milad-un-Nabi\Eid-e- Milad (Prophet Mohhammad's Birthday)/Barawafat.
2018 November 23 is a bank holiday in Andaman And Nicobar Island due to Guru Nanak Jayanti/Kartika Purnima/Seng Kut Snem/Friday Following Eid-I-Milad-ul-Nabi.
2018 November 26 is a bank holiday in Karnataka due to Kanakadasa Jayanthi.
2018 December 03 is a bank holiday in Goa due to Feast Of St.Francis Xavier.
2018 December 05 is a bank holiday in Jammu And Kashmir due to Birthday Of Sheikh Mohammad Abdullah.

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