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2 mins Read | 2 Years Ago

3 Things to Know About RTGS Fund Transfer Facility

3-things-to-know-about-rtgs-fund-transfer

Real-Time Gross Settlement or RTGS is a money transfer method typically used to perform high value transactions that happen on a real-time basis. It can be done via net banking or mobile banking facility. Apart from this, here are 3 important things you should know about RTGS.

Digitization has made everything convenient and easy, particularly transferring funds from one bank to another. Systems operating under interbank transfer have made our lives easier, thanks to online transfer options like RTGS fund transfer when you want to send a larger amount to a recipient. With Real-Time Gross Settlement, you can perform real-time settlement of fund transfers which means the processing of instructions happens at the time they are received. While gross settlement indicates the settlement of funds transfer instructions occur individually.

If you want to transfer a large amount using the RTGS method, you need to be aware of 3 important things about the fund transfer facility:

  • Continuous Transaction Process: Unlike NEFT that operates on a Deferred Net Settlement basis where the transactions are received at a particular time date and settled in batches, the RTGS transaction process happens continuously throughout the RTGS business hours.

  • RTGS Limit: The minimum RTGS limit is Rs. 2 lakh. The maximum amount for RTGS fund transfer is Rs. 10 lakh. To do an online money transfer via RTGS, you have the flexibility to schedule the transaction in advance, which could be three working days. Using the ICICI Bank Real Time Gross Settlement method, you can pay for transactions like Cash Management Transfer, Hedging, Interest Payments, Loan Payments, Tax payments, Supplier payments, Trade Settlement Payments, GST payment, and Securities Transactions.

  • Transfer money via online and offline mode: Money transfer through RTGS can be done via online and offline mode. ICICI Bank levies no transaction charges if you are carrying out a transaction via Internet Banking, iMobile Pay, Pockets App. If the transactions are done through branches, there are RTGS charges for outward transactions. For the amount between Rs. 2 lakh to Rs. 5 lakh, the charges are Rs. 20 + applicable GST. For the amount between Rs. 5 lakh to Rs. 10 lakh, the RTGS charges are Rs. 45 + applicable GST

Here's how you can initiate the transfer of funds via ICICI Bank RTGS:

  • Login to www.icicibank.com

  • Click on 'Payments & Transfer' and go to 'Funds Transfer.'

  • Choose 'Transfer funds to other bank accounts

  • Choose a payee from the registered list

  • Enter the required details like the amount of the transaction and the transaction remarks

  • Enter the grid value given on your ATM/debit card

  • Once your transaction is complete, your payment confirmation number is displayed on the screen.

While using the RTGS, if the funds transferred are not received by the beneficiary due to the non-existing of the account or account freeze, the funds will be transferred to your bank within an hour or before the end of the RTGS business hour, whichever is earlier.

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