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Q1.What is RTGS ?

 

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 the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

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Q2.What are the transaction or service charges for RTGS transactions?

 

RTGS Charges - Outward transactions
Amount above Rs 2 lakh upto Rs 5 lakh - Rs 25 + Service Tax
Amount above Rs 5 lakh upto Rs 10 lakh - Rs 50 + Service Tax

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Q3.How Real Time Gross Settlement (RTGS) is different from National Electronics Funds Transfer System (NEFT)?

 

NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours.

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Q4.Is there any minimum / maximum amount stipulation for RTGS transactions?

 

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. The maximum limit is Rs 10 lakh per day.

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Q5.What is the time taken for effecting funds transfer from one account to another under RTGS?


RTGS Timings

Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

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