RTGS

Know more about RTGS

Want to transfer a large sum of money for a down payment? Or perhaps, for a premium purchase? The RTGS facility from ICICI Bank is just what you need to get this done. Read on to find out more about this money transfer facility.

What is RTGS ?

The acronym 'RTGS' stands for Real-Time Gross Settlement. Simply put, it is the process of continuous (real-time) settlement of funds, which occurs individually, on an order by order basis, without netting. In other words, your request to transfer or settle funds is carried out immediately, instead of the same happening in batches (as is the case in NEFT).

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

Here’s a quick video to get to know more about the fund transfer systems we offer.

Got more questions about RTGS? You’ll find the answers below.

 


Is there any minimum/maximum amount stipulated for RTGS transactions done at www.icicibank.com?

The RTGS system is primarily meant for large value transactions. So, the minimum amount that can be remitted through RTGS is ₹2 lakh per day. The maximum amount is ₹10 lakh per day.


What are the transaction or service charges for RTGS transactions done at www.icicibank.com?

That depends on the kind of mode you use to make the transfers. Here are the details:

For RTGS transactions done on online channels:

 

There are no transaction charges levied for RTGS requests initiated through online modes (i.e. internet banking, iMobile app, Mera iMobile app and Pockets app).

For RTGS transactions done through branches:

 

  • These are the RTGS charges for outward transactions initiated at any of our branches:
  • For amounts above ₹2 lakh up to ₹5 lakh: ₹20 + applicable GST
    For amounts above ₹5 lakh up to ₹10 lakh: ₹45 + applicable GST


What is the time taken for effecting a transfer of funds from one account to another through RTGS at www.icicibank.com?

Under normal circumstances, the beneficiary branches are expected to receive the funds on a real-time basis, as soon as the funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within <30> minutes of receiving the message of transfer of funds.


In case of RTGS transactions where the funds are not credited to the beneficiary’s account, what is the maximum time it takes for the funds to be returned to the original account?

If the funds are not credited to the beneficiary's account for any reason (like the account not existing or the account is in a freeze status), 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 is RTGS different from National Electronic Funds Transfer (NEFT)?

NEFT is an electronic system of fund transfers, which operates on a Deferred Net Settlement (DNS) basis. In other words, the transactions made through NEFT are settled in batches. In DNS, a cut-off time is provided beforehand and all the transactions received till that particular time are settled together, in batches.

These transactions are netted (payable and receivables) in NEFT, whereas in RTGS, the transactions are settled individually. So, in NEFT, any transaction initiated after a designated settlement/cut-off time would have to wait till the next designated settlement time. Contrary to this, in the RTGS system, 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 timeframe to schedule an RTGS transaction in advance?

The timeframe to schedule an RTGS transaction in advance is three working days. Using RTGS, you can pay for transactions like:

  • Cash Management Transfer
  • Hedging
  • Interest payments
  • Loan payments
  • Securities transactions
  • Supplier payments
  • Tax payments
  • Trade payments
  • Trade Settlement payments
  • Goods and Services Tax (GST) payment

If the above options are not relevant to the transaction you would like to initiate, then please select ‘cash management transfer’ as the 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.