Highlights of RTGS

What is RTGS?

What are the uses of RTGS?

Who is controlling authority?

What is the timings for RTGS?

What is the difference between RTGS and NEFT?

Who can use RTGS services?

Who is providing RTGS services?

What is RTGS? How to use rtgs

What is RTGS?

RTGS is a real-time gross settlement. It is a fund transfer facility for bank customers or financial institutions.

What are the uses of RTGS?

This service has fund transfer uses in real-time as if you want to transfer funds from one bank account to another account in real time then you can use a RTGS service. It’s an instant service of fund transfer. This service includes instant debit and instant another account credit. Real-time means instant fund transfer service. RTGS services are available 24×7 days.  Customers can transfer two lakh rupees and the above amount under this service. if you want to transfer below two lakh rupees then you have to use the NEFT service.

Who is controlling authority?

RTGS services are control by RBI.
One of the RBI department is controlling the RTGS service.
Earlier RTGS services are not available for 24*7, Now it is available for 24*7 from 14 November 2020 onwards.

What are the timings for RTGS services?

Earlier RTGS was time-bound but now these days, it’s available for 24*7 days. Any time customer can use this service for fund transfer.

Difference between RTGS and NEFT facility?

There are a few differences between RTGS and NEFT.

RTGS full form is a real-time gross settlement
NEFT full is a national electronic fund transfer.
RTGS service available for two lakh rupees and above amount but NEFT is available for any amount. Whether two lakh rupees or ten rupees.

How to use RTGS services?

RTGS services are available for all customers and any customer who wants a transfer amount of rs two lakh rupees. They can use the RTGS service via bank counter or NetBanking service of the bank for using RTGS service.
At the bank counter.
RTGS service is available at the RTGS window of the branch where we need to full fill an RTGS form for fund transfer and submit it to the counter representative to process our RTGS form.
RTGS service using NetBanking
Customers can avail RTGS service using NetBanking of the bank if the customer has a NetBanking user id and password then go to the fund transfer menu select the RTGS menu and full fill required details and transmit.

What is required for doing RTGS

To do RTGS we need beneficiary details like account number, IFSC code, and name of the beneficiary.
To fill the form at the branch counter we need few things as given below
1. Sender name
2. Sender account number
3. Cheque number and a cheque of account and RTGS form.
4. Beneficiary account number
5. Beneficiary IFSC code
6. Beneficiary name
7. Beneficiary bank name
8. Beneficiary branch address


Q. If the cheque is not available then?
Ans. If the cheque is not available then you can use the RTGS form for fund transfer some financial institutions allowed RTGS service without a cheque for RTGS service.
Q How much amount we can transfer using RTGS?
Ans. We can transfer any amount using RTGS but we can transfer a minimum of two lakh and maximum any amount.
Q. How much amount allowed in NetBanking for RTGS?
Ans. It is dependent on the bank how much amount they are allowing for RTGS using NetBanking. Some banks allowed five to ten lakh per day some allowed more amount and customers can request banks for increasing limit for RTGS fund transfer for NetBanking.

Categories: Banking


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