In India, real time gross settlement (RTGS) facility has been available 24 hours, seven days from 14 December. Now customers can transact money with this facility any day of the year. Fund transfer can be done instantly through RTGS. It is used in large transactions. Amounts below Rs 2 lakh cannot be transferred at a time through RTGS. At the same time, the maximum amount is different in different banks.
RTGS service starts 24 hours from today, digital transactions will be a big benefit
Customers can use RTGS both online and bank branch. But it is worth noting here that RTGS cannot be used in every bank branch in the country. RTGS and NEFT facilities are available only in some specific 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?
- Internet banking to be operational in case of online RTGS
- Remittance money
- Account number from which money is to be sent
- Beneficiary bank name
- Beneficiary Customer Name
- Beneficiary Customer Account Number
- Information from the sender to the recipient, if any
- IFSC code of the money receiving bank branch (IFSC code is printed on check and passbook.)
If the RTGS transaction is not credited to the beneficiary account…
If the money sent from RTGS fails to credit the beneficiary’s bank for 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. At present, there are 6.35 lakh transactions daily between 237 banks in the country through RTGS, whose value is 4.17 lakh crore rupees.
