RTGS is an electronic mode of transferring funds (Rs 2 lakhs or more) from one bank to another bank’s account. If you’re considering to use this mode of transferring funds, you’re right where you should be. In this post, we will explain the RTGS process online and offline (at the bank).
Let’s begin.
What is RTGS?
RTGS acronym stands for Real Time Gross Settlement. This can be explained as a system in which there is a continuous and real-time settlement of funds-transfers. Also, each transaction in this system is done on an individual basis, instead of settling in batches as done in the case of NEFT.
RTGS Timings
RTGS transactions can be done online or at the branch as well. While the online mode is accessible throughout the day and night, i.e. 24x7x365, it’s not the case at the branch. It is advised to checkout your bank timings before you head to make an RTGS transaction at the bank.
Let’s learn about the online mode first.
How to do RTGS Online?
The below-mentioned are the basic steps of sending an RTGS transfer request via netbanking:
Step 1: Login to your netbanking account using your user ID/username/Customer ID & login password.
Step 2: Add Beneficiary by providing their name & account details.
It may take some time to activate the services for the newly-added beneficiary.
Step 3: Now, go to RTGS payment option (this must be under the Funds Transfer section).
Step 4: Select the beneficiary and check the IFSC and branch details.
Step 5: Enter the amount and description/remarks.
How to do RTGS from Bank?
If you haven’t activated the internet banking services or there’s some issue with your network, you can always go to your bank and request for an RTGS transfer from bank.
For an RTGS transfer in bank, you choose from either of the modes: cash or cheque. Go to your bank and ask for the RTGS application form. Fill in this form with your name, account details, correspondence details and with the details of the beneficiary. Then choose the mode, cash or cheque.
Please collect the acknowledgement receipt from the bank before leaving. This slip will contain the signature and stamps of the authorized personnel. You will need this receipt for any further queries in future.
Please check your bank timings before visiting your bank for an RTGS transaction.
Top Banks Providing RTGS Services
The following is the list of some of the top banks in India that offer RTGS services via netbanking and at the branch as well:
- SBI
- PNB
- HDFC Bank
- ICICI Bank
- Axis Bank
- Bank of Baroda
- IndusInd Bank
- Bank of India
- Canara Bank
- Kotak Mahindra Bank
Visit the following links to know more about RTGS:
| RTGS | SBI RTGS Charges | HDFC RTGS Timings |
| BOB RTGS Charges | HDFC RTGS Limit | ICICI Bank RTGS Timings |
| HDFC RTGS Charges | RTGS Limit | RTGS Timings |
| ICICI Bank RTGS Charges | SBI RTGS Limit | SBI RTGS Timings |
| PNB RTGS Charges |
How to do RTGS: FAQs
As per the RBI guidelines, processing charges were waived off from the 1st of July, 2019.
The banks cannot charge more than Rs 25 (+applicable GST, if any) for an amount of Rs 2 – 5 lakhs and Rs 50 (+ applicable GST, if any) for a transaction of more than Rs 5 lakhs.
You can use RTGS mode for any transaction of Rs 2 lakhs or more.
Yes. RTGS transactions can be done at the bank via cheque or cash. This is how.
RTGS online window is open throughout the year 24×7. For at the bank transactions, you must check your bank timings.
No. RTGS is designed to facilitated transfer of funds from one bank account to another bank’s account.
RTGS transfers are done instantly – in real time. This means that as soon as the system receives your request for the transfer, it is processed without a delay.
