RTGS

RTGS

What is RTGS ?

The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds 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.

 


Is there any minimum / maximum amount stipulation for RTGS transactions done on ICICIBank.com?

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.


What are the transaction or service charges for RTGS transactions done on ICICIBank.com?

For Online Channels:

 

Transaction charge for Real Time Gross Settlement (RTGS) initiated through online modes (i.e. Internet Banking, iMobile app, Mera iMobile app and Pockets app) is Nil.

 

For Branches:

 

RTGS Charges - Outward transactions

Amount above Rs 2 lakh upto Rs 5 lakh - Rs 20 + Applicable GST
Amount above Rs 5 lakh upto Rs 10 lakh - Rs 45 + Applicable GST


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

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 30 minutes of receiving the funds transfer message.


What is the maximum time for returning of RTGS transactions, which could not be credited to beneficiary's account?

If the funds are not credited to the beneficiary's account for any reason like account does not exist, account frozen etc., the funds will be returned to the originating bank within one hour or before the end of the RTGS Business day, whichever is earlier.


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.


Can I schedule an RTGS transaction in advance?

Yes, RTGS transactions can be rescheduled in advance.


What is the time frame to schedule an RTGS transaction?

The time frame to schedule an RTGS transaction in advance is 3 working days. You can pay for transactions like:

  • Cash Management Transfer
  • Hedging
  • Interest
  • Loan
  • Securities
  • Supplier Payment
  • Tax Payment
  • Trade
  • Trade Settlement Payment
  • Value Added Tax Payment

If the above mentioned option is not relevant to the transaction you would like to select. Then please select “Cash Management Transfer” as a default option.

Frequently Asked Questions (FAQs) for RTGS

What is the process of RTGS Funds Transfer?


The process of Real-Time Gross Settlement (RTGS) funds transfer begins with adding a beneficiary. Once a beneficiary is added, you can go on to make a fund transfer.

 

For online transactions, both Internet Banking and third-party funds transfer facilities should be in the active state.

 

Steps to add Beneficiary for RTGS:

  • Step 1- Log in to ICICI Bank Internet Banking/iMobile app with your user ID and password.

For iMobile

  • Step 2– Go to ‘Funds Transfer’ tab under the ‘Transact’ tab
  • Step 3- Click on ‘Add a Payee’, and then select the Beneficiary Type ‘Other Bank Payee’
  • Step 4– Enter the Beneficiary Account details or Credit Card number
  • Step 5– Select the Beneficiary’s IFSC, using the bank and branch name
  • Step 6– Click on ‘Add’, then click on ‘Confirm’
  • Step 7– Authenticate the registration using OTP. Once successfully authenticated, the Payee is available for transactions.

For Internet Banking

  • Step 2– Go to ‘Funds Transfer’ tab under the ‘Payments and Transfer’ tab.
  • Step 3 - Click on ‘Add a Payee’, and then select the Beneficiary Type ‘Other Bank Payee’
  • Step 4– Enter the Beneficiary Account details or Credit Card number
  • Step 5– Select the Beneficiary’s IFSC, using the bank and branch name
  • Step 6– Click on ‘Add’, then click on ‘Confirm’
  • Step 7– Authenticate the registration using OTP. Once successfully authenticated, the payee is available for transactions.

Steps to make your RTGS Funds Transfer:

 

Log in to Internet Banking/iMobile.

  • Step 1– Go to the ‘Fund Transfer’ tab
  • Step 2– Select ‘Beneficiary’ from the list of registered beneficiaries
  • Step 3– Select the Debit Account, enter the amount and add remarks (optional)
  • Step 4– Select RTGS as the payment method
  • Step 5– Review the details, and, if all is correct, click on ‘Confirm’ to complete the process
  • Step 6– Authenticate the transaction using OTP and click on ‘Submit’.

    What are the modes through which I can initiate an RTGS transaction?


    • Internet Banking– Add a Beneficiary using the ‘Funds Transfer’ option with the IFSC and the beneficiary bank details. Transfer funds once the beneficiary is added. Keep your mobile phone handy. An OTP will be sent to your registered mobile number.
    • Branch– Visit the nearest ICICI Bank branch and fill the RTGS form to do an RTGS transaction.

    What information is required when using the RTGS funds transfer service?


    When using RTGS funds transfer service, there are a few essential details that need to be provided:

    • Amount to be remitted
    • Remitting customer's account number, which is to be debited
    • Name of the beneficiary bank and branch
    • Name of the beneficiary
    • Account number of the beneficiary
    • The IFSC of the receiving branch.

    What is RTGS fund transfer?


    RTGS is the continuous (real-time) settlement of fund transfers individually, on an order-by-order basis. '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.

    When does the beneficiary get the credit for an RTGS transaction?


    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 30 minutes of receiving the funds transfer message.

    If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?


    Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 1 hour. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.

    Can I schedule an RTGS transaction in advance?


    Yes, RTGS transactions can be scheduled in advance.

    How would one know the IFSC of the receiving branch?


    The beneficiary can obtain the IFSC from his/her bank branch. The IFSC is also available on the cheque leaf. The list of IFSCs is also available on the RBI website.

    Do all bank branches in India provide RTGS service?


    No. All the bank branches in India are not RTGS enabled. Presently, there are more than 1,00,000 RTGS enabled bank branches. The list of such branches is available on the RBI website.

    Whom do I contact, in case of non-credit or delay in credit to the beneficiary account?


    Visit the nearest ICICI Bank branch or call our Customer Care. You can also raise a Service Request by visiting https://www.icicibank.com/feedback.page? . If the issue is not resolved satisfactorily, a complaint may be lodged to the Principal Nodal Officer and subsequently, to the Banking Ombudsman.

    For details, please visit https://www.icicibank.com/complaints/complaints.page? .

    What happens if I write the wrong account number of a beneficiary?


    The credit is given to the account number written/given by the remitter in his/her application/instruction. Credit to the beneficiary account is released solely based on the account number. It is the responsibility of the remitting customer to write the correct account number. The originator/sender should exercise due care in providing the correct account number of the beneficiary, in the RTGS remittance instruction/application.

    How can a remitting customer know whether the bank branch of the beneficiary accepts remittances through RTGS?


    For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch would have to be RTGS enabled. The lists are readily available at all RTGS enabled branches. Considering that more than 1,00,000 branches at more than 20,000 cities/towns/talukas are covered under the RTGS system, getting this information would not be difficult.

    If the transaction has failed due to technical reasons either at the Bank or RBI, will I get any compensation in the form of loss of interest?


    No. If the transaction has failed/timed out/declined due to technical reasons, Bank shall not bear any liability to compensate the same in the form of interest or actual amount sent to the beneficiary.