RTGS refers to Real Time Gross Settlement wherein funds are transferred to the beneficiary account in real time and on a gross settlement basis. Under this money transfer system, high value transactions are performed which is initiated by the sender on an order to order basis, without netting. Since it is managed by the Reserve Bank of India, it is a safe and secure method of transferring funds.
How to Fill RTGS Form?
Customers who wish to transfer funds amounting Rs. 2 Lakhs or more can process it through RTGS. In this case, customers will be required to fill the RTGS form mentioning all the details required for transferring the funds. An applicant needs to visit the branch for transferring funds offline i.e. filling the physical RTGS form or can transfer funds through online mode i.e. Mobile Banking and Internet Banking.
Below given details are the general details that are required by banks to process the RTGS transaction:
- Sender’s account number
- Name of the account holder
- Name of the payee
- Beneficiary bank name
- Beneficiary branch name
- Beneficiary bank branch IFSC code
- Beneficiary account number
- Beneficiary account type
- Amount to be paid
- Exchange amount
- Signature of the sender
- Mobile or telephone number of the sender
- PAN number of the sender
- Total amount including amount to be paid and exchange
Applicants are required to fill the above details very carefully. A single mistake may lead to payment delay and thereby will increase time and effort to rectify the transaction.
Visit the following links to know more about RTGS Form of different Bank’s:
RTGS Form- FAQs
The minimum limit of RTGS transaction is Rs. 2 lakhs.
The RTGS stands for Real Time Gross Settlement.
RTGS payments is done within 30 minutes from the time of initiation of process. However, it takes mere seconds to reflect the amount in the beneficiary’s account.
Yes. RTGS is absolutely safe and secure as it is managed by Reserve Bank of India.