RTGS System
What is RTGS System?
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order-by-order basis (without netting). 'Real Time' means processing at the time instructions are received; 'Gross Settlement' means each transfer is settled individually. Since settlement takes place in the books of the Reserve Bank of India, payments are final and irrevocable.
How is RTGS different from NEFT?
NEFT settles transactions in hourly batches on a Deferred Net Settlement basis, so a transaction waits for the next batch. RTGS transactions are processed continuously, individually, throughout RTGS business hours.
Is there a minimum / maximum amount for RTGS?
RTGS is meant for large-value transactions: the minimum amount is ₹2 lakh, with no upper ceiling.
How long does an RTGS transfer take?
Beneficiary branches are expected to receive funds in real time; the beneficiary's account must be credited within two hours of the funds transfer message being received.
Does the remitter get an acknowledgement?
Yes. The remitting bank receives confirmation from the Reserve Bank once funds are credited, and can advise the customer accordingly.
What if the money is not credited to the beneficiary?
The receiving bank must return the funds to the remitting bank within two hours if it cannot credit the beneficiary, after which the original debit is reversed in the remitter's account.
What are the RTGS service window timings?
From 9.00 hrs to 16.30 hrs on weekdays and 9.00 hrs to 13.30 hrs on Saturdays for settlement at the RBI end (branch timings may vary).
What are the RTGS processing/service charges?
Inward transactions are free. Outward: ₹2 lakh to ₹5 lakh. Not exceeding ₹25 per transaction; above ₹5 lakh. Not exceeding ₹50 per transaction.
What information does the remitter need to furnish?
Amount to be remitted, the remitting account number, the beneficiary bank's name, the beneficiary's name and account number, any sender-to-receiver information, and the receiving branch's IFSC.
How can I find the IFSC of the receiving branch?
From your bank branch, on the cheque leaf, or on the RBI website (rbi.org.in). The beneficiary can pass these details to the remitter.
Do all bank branches provide RTGS?
No, only RTGS-enabled branches. The list of enabled branches is available on the RBI website.
Can a remitter track an RTGS transaction?
Depending on the arrangement with the bank. Many banks with internet banking provide tracking, and send an e-mail or SMS confirmation once funds are credited.
Whom do I contact for non-credit or delay?
Contact your bank/branch first. If unresolved, the Customer Service Department, Reserve Bank of India, 1st Floor, Amar Building, Fort, Mumbai – 400 001 may be contacted.