What is RTGS? Real-time gross settlement Definition, Timings, Full Form

The Real-time gross settlement is well known for RTGS is the process of real-time fund transfer from one bank to any other bank. This process can be performed either online or thought the bank branch. The funds or the securities transfer through RTGS will be credited to the beneficiary account within 30 minutes. In India, approx. 1,40,000 bank branches are offering RTGS services. The detail information like features, timings, method, the process has been provided below. You are suggested to have a glance. 

RTGS- Features

  • You can transfer and amount as per your preference. There is no maximum limit for the for transfers if you perform RTGS via bank branch unlike NEFT.
  • No requirement of the physical documents like cheque or demand draft
  • There is no or very less charger for transferring funds.
  • RTGS transactions can be backed legally as per the rules and regulations. 
  • You can safely and securely transfer the funds. 
  • Immediate clearing of the transaction
  • Transparency between both the parties (sender and receiver)
  • The transaction can be performed as per the rules from anywhere using internet banking.
  • You can perform real-time fund transfer to the beneficiary account.
  • No likelihood of damage/stealing/theft of physical instruments. 

Things Required For RTGS Transaction

  • Name of the beneficiary as registered with his account 
  • Account Number and IFSC code of the beneficiary
  • The amount which you want to transfer
  • Bank and the branch of the beneficiary bank

Modes Available For Doing RTGS

Internet Banking- Individuals can transfer the funds through internet banking from anywhere with their mobile phones or laptop. 

Branch- Individuals can also perform the RTGS transactions directly by going through the bank branch. 

RTGS Transactions Charges

AmountTime Varying Charge per Outward TransactionRTGS Fee
Rs.2 lakh to Rs.5 lakh07:00 a.m. – 11:00 a.m. – Nil11:00 a.m. – 1:00 p.m. – Rs.2 01:00 p.m. – 6:00 p.m. – Rs.5Post 6:00 p.m. – Rs.10Rs.30 per transaction
Above Rs.5 lakhRs.55 per transaction

Timings For RTGS

Individuals can perform the Real Time Gross Settlement from 7.00 a.m. to 6.00 p.m. on all Working Days. Whereas for Saturday the timings are from 9.00 a.m. to 2.00 p.m.

  • Working Days- From 7.00 a.m. to 6.00 p.m.
  • Saturdays- From 9.00 a.m. to 2.00 p.m.

RTGS Transaction Limit

Minimum Amount- Rs.2 lakh, there is no limit for the maximum transfer, but if you are performing the transaction online, then the limit is Rs.25 lakh per day per customer.

Process of RTGS Fund Transfer (Online)

  • Firstly, log in to your net banking portal by using your customer ID and password
  • After that, go towards the “Fund Transfer” section and press the ‘Add Beneficiary’ option.
  • Now you have to provide the details of the beneficiary that is IFSC, bank name, account number, and branch name.
  • Recheck the details and press the confirm button. 
  • After successfully adding the beneficiary, you can start the procedure for transferring funds.
  • To transfer the funds again, go to the “Fund Transfer” section.
  • Select the appropriate beneficiary from the list.
  • Enter the appropriate amount which you want to transfer.
  • Agree to the T&C.
  • Finally, review the details and press the “Confirm” button to complete the process.
Devanshu Mehta

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