In order to boost the banking transaction system in India, RBI has directed to all the banks in India to credit the amount to beneficiary’s account within 30 minutes. Although, the RTGS transfer time is merely done within seconds. Also, there is no restriction on RTGS timings. RTGS transactions can be performed on all days.
Real Time Gross Settlement (RTGS)
The RTGS stands for Real Time Gross Settlement. It is a unique money transfer system that allows transferring of funds from one bank account to another in real time and on a gross settlement basis. To process the fund transfers through RTGS, the minimum amount has to be Rs. 2 lakhs or more. In addition to this, it is important to know the RTGS timings across all banks to process fund transfers in quick time.
RTGS Transfer Timings
As per the directive of Reserve Bank of India stated on December 14, 2020, all the RTGS payments in India will be available to the customers 24x7x365. This means customers can now make fund transfers even on bank holidays or outside banking timings.
How Much Time Does RTGS Transfer Take?
As the name suggests, RTGS transactions are performed in a quick and real time. This means the RTGS transfer time to reflect in receiver’s account is generally done in few seconds. Although, as per the RBI mandate, the beneficiary bank has to credit the amount to the beneficiary account with 30 minutes of the fund transfer being initiated. In case, the beneficiary does not receive the amount within 30 minutes, then he/she needs to check with bank about the delay.
How to Minimize RTGS Transaction Time?
To initiate your RTGS transaction, it is important to know certain things which can directly impact your RTGS transaction time. Some of the points are mentioned below to reduce your RTGS transaction time:
- Provide correct details related to beneficiary account number
- Check if your and beneficiary account is RTGS enabled
- For making online transactions, you should have an active net banking account
- Ensure you have entered the correct amount you want to transfer
Visit the following links to know more about RTGS:
|RTGS||PNB RTGS Charges||SBI RTGS Limit|
|RTGS Process||SBI RTGS Charges||HDFC RTGS Timings|
|BOB RTGS Charges||HDFC RTGS Limit||ICICI Bank RTGS Timings|
|HDFC RTGS Charges||RTGS Limit||SBI RTGS Timings|
|ICICI Bank RTGS Charges|
RTGS Timings: FAQs
RTGS transaction reflects the beneficiary account within seconds. However, the higher limit for RTGS timing is 30 minutes.
RTGS transaction allows a transfer of minimum amount of Rs. 2 lakhs. There is no maximum limit on RTGS transaction.
No. Customers can perform NEFT and RTGS transactions at any time of the day or night 24x7x365.
Yes. RTGS transaction is 100% safe and secure.
The RTGS stands for Real Time Gross Settlement.