In this video we talk about What is RTGS or Real Time Gross Settlement in India? Under this system transfer of money takes place from sender’s account to receiver’s account almost instantly. Main features of RTGS or Real Time Gross Settlement are as follows:
1. RTGS is facilitated by Reserve Bank of India on an order by order basis and the remittance is generally done within 30 minutes of transfer. The settlement of money takes place through RBI’s Inter Bank Transfer Scheme. RBI then communicates the transfer to the remitting bank who in turn communicates to the remitter. Under this system all RTGS transfers are final and irrevocable.
2. RTGS window is open between 7 AM and 5.55 PM on all working days except Sundays and bank holidays.
3. The Minimum and Maximum transfer amount under RTGS is Rs 2,00,000 and Rs 20,00,000 respectively. In case you’d like to transfer an amount less than Rs. 2,00,000, then you can make use of NEFT.
4. You can do RTGS transfer by going to your bank branch and filling up a suitable Transfer form. You can also do online RTGS transfer by means of your Internet banking account.
5. While uploading this video, there is no fee for transferring money through RTGS. But this may change in future, so make sure that you enquire about the fee beforehand.
6. If a particular bank hasn’t enabled RTGS for its customers, then you won’t be able to send money to any account of that particular bank.