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Investment Simplified > Banking > RTGS Process: How to do RTGS?
Banking

RTGS Process: How to do RTGS?

Ashish Kumar
Last updated: 2023/05/24 at 12:49 PM
Ashish Kumar Published November 29, 2022 4 Min Read
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What is RTGS?RTGS TimingsHow to do RTGS Online?How to do RTGS from Bank?Top Banks Providing RTGS ServicesHow to do RTGS: FAQs

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.

how to online transfer funds via rtgs?

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:

RTGSSBI RTGS ChargesHDFC RTGS Timings
BOB RTGS ChargesHDFC RTGS LimitICICI Bank RTGS Timings
HDFC RTGS ChargesRTGS LimitRTGS Timings
ICICI Bank RTGS ChargesSBI RTGS LimitSBI RTGS Timings
PNB RTGS Charges

How to do RTGS: FAQs

What are the processing charges for RTGS payments?

As per the RBI guidelines, processing charges were waived off from the 1st of July, 2019.

What are the service charges for RTGS payments?

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.

What is the RTGS limit?

You can use RTGS mode for any transaction of Rs 2 lakhs or more.

Can I do RTGS transactions at the bank?

Yes. RTGS transactions can be done at the bank via cheque or cash. This is how.

What are the RTGS timings?

RTGS online window is open throughout the year 24×7. For at the bank transactions, you must check your bank timings.

Can I use RTGS for transfer within my own account?

No. RTGS is designed to facilitated transfer of funds from one bank account to another bank’s account.

How much time does it take for an RTGS transfer to complete?

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.

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By Ashish Kumar
Ashish Kumar is a SEO content writing enthusiast and an avid blogger who closely follows the latest financial trends. He writes about various topics related to Insurance, Aadhaar, PAN, Banking and other financial products.
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