RTGS: In this era of Corona epidemic, from everyday to large transactions, almost all of them are happening through digital banking. If you also want to transfer a large amount (more than 2 lakhs), you can do it anytime with real time gross settlement (RTGS). From December last year, this service started for 24 hours seven days. RTGS is such a service of online banking through which money can be transferred instantly. Even if you have to pay advance to someone, you can transfer tax at any time through this service. One limitation of this is that the fund transfer in it cannot be reduced below Rs. 2 lakhs. At the same time, the limit for sending the maximum money has been kept separately by different banks.
Both online and branch service
The biggest feature of the RTGS service of banks is that the customer can use it through both online and bank branch mediums. However, keep in mind that RTGS service will not be available in every bank branch in the country. RTGS facility will be available only in certain bank branches. The list of which bank branches were providing RTGS facility in India till November 2020 can be seen here. https://rbidocs.rbi.org.in/rdocs/RTGS/PDFs/RTGEB0815.PDF
What is required to do RTGS?
In case of online RTGS, internet banking of the customer should be started. The amount to be transferred should be in your account. Apart from this, the account number, name, bank name of the person to whom the money is to be sent must be clearly known. Apart from this, the most important thing is that the person or institution to whom the funds are transferring should have the IFSC code (IFSC code is printed on the check and passbook.).
If the fund is not transferred …
Many times, if the money sent from RTGS fails to credit the account of the concerned person due to any reason, the beneficiary bank will return the amount to the Sender Bank within 2 hours. After that, the money is returned to the sender’s account.
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