RTGS full form in banking

5/5 - (1 vote)

RTGS full form in banking

RTGS is one of the best systems in banking where there is a continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. It is a safe and secure system for funds transfer online without visiting your bank branch. But I am really sure that there are many persons still don’t know about RTGS in banking.

So this post of our best blog Gstportalindia will describe all features and new updates about RTGS and RTGS in full form in Banking.

What is the full form of RTGS?

First of all, you should know the full form of RTGS.

RTGS stands for Real Time Gross Settlement which means a real-time settlement of fund transfers online anytime anywhere.

What is RTGS?

RTGS means a real-time system of banking for fund transfers online in a real-time basis. It can be further explained as a system where there is a continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis (without netting). In this process ‘Real Time’ means the processing of instructions at the time they are received; ‘Gross Settlement’ means that the settlement of funds transfer instructions occurs individually.

What is RTGS’s full form & meaning in Hindi?

RTGS का मतलब रियल टाइम ग्रॉस सेटलमेंट है, जिसका मतलब है कि कहीं भी कभी भी ऑनलाइन फंड ट्रांसफर का रियल टाइम सेटलमेंट।

आरटीजीएस का मतलब वास्तविक समय के आधार पर ऑनलाइन धन हस्तांतरण के लिए बैंकिंग की एक वास्तविक समय प्रणाली है। इसे आगे एक ऐसी प्रणाली के रूप में समझाया जा सकता है जहां व्यक्तिगत रूप से लेनदेन-दर-लेन-देन के आधार पर (नेटिंग के बिना) धन हस्तांतरण का निरंतर और वास्तविक समय निपटान होता है। इस प्रक्रिया में ‘रीयल टाइम’ का अर्थ है निर्देशों के प्राप्त होने पर उन्हें संसाधित करना; ‘सकल निपटान’ का अर्थ है कि निधि अंतरण निर्देशों का निपटान व्यक्तिगत रूप से होता है।

What are the benefits of RTGS in banking?

There are many advantages of RTGS in banking for fund transfer such as-

  1. The system is available on all days on a 24x7x365 basis.
  2. There is a real-time transfer of funds to the beneficiary account.
  3. It is a safe and secure system for funds transfer.
  4. The remitter need not use a physical cheque or a demand draft.
  5. The beneficiary need not visit a bank branch for depositing the paper instruments.
  6. RTGS transactions/transfers have no amount cap set by RBI.
  7. The beneficiary need not be apprehensive about the loss/theft of physical instruments or the likelihood of fraudulent encashment thereof.
  8. The transaction charges have been capped by RBI.
  9. Remitters can initiate the remittances from their home/place of work using internet banking if their bank offers such a service.
  10. The transaction has legal backing.

What is the RTGS timing?

For RTGS timing, you can consider these points-

  1. RTGS is available 24×7, 365 days with effect from December 14, 2020.
  2. RTGS takes place in 30 minutes. NEFT may take up to 72 hours as it is deposited in the beneficiary account on hourly slots.
  3. At present, the RTGS system is available for customer transactions from 8:00 am to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm.
  4. Earlier, RTGS was available for customers from 7.00 am to 6.00 pm on all working days of the week, except the second and fourth Saturdays of every month.

What is the RTGS amount limit?

The RTGS system is primarily meant for large-value transactions. The minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.

What are the RTGS charges?

For RTGS charges, you should consider these points-

  1. Inward transactions – Free, no charge to be levied.
  2. Outward transactions – ₹ 2,00,000/- to 5,00,000/-: not exceeding ₹ 25/- (exclusive of tax, if any) Above ₹ 5,00,000/-: not exceeding ₹ 50 (exclusive of tax, if any).
  3. Banks may decide to charge a lower rate but cannot charge more than the rates prescribed by RBI.
  4. With effect from July 01, 2019, RBI has waived the processing charges levied by it for RTGS transactions. Banks may pass on the benefit to their customers.

What information is required for RTGS?

For initiating RTGS through the bank branch, you need all information-

  1. Amount to be transferred
  2. The account number to be debited
  3. Name of the beneficiary bank and branch
  4. The IFSC number of the receiving branch
  5. Name of the beneficiary customer
  6. Account number of the beneficiary customer
  7. Sender to receiver information, if any
  8. Sender and Beneficiary Legal Entity Identifier (for eligible transactions).

For initiating RTGS through online net banking, you need beneficiary information-

  1. Amount
  2. Beneficiary Name
  3. Beneficiary Account Number
  4. Ifsc code of Beneficiary bank branch
  5. Name of beneficiary bank branch
  6. Beneficiary Legal Entity Identifier (for eligible transactions)

What are the steps to do RTGS online?

There are simple steps to do RTGS online-

  1. First of all, You should have internet banking if not then register yourself for net banking.
  2. After registering, You are to log in with your user id and password in your applicable bank online.
  3. Then you are to create a beneficiary for online RTGS.
  4. Just create the beneficiary with the help of the above-mentioned information such as name, A/c No, and IFSC Code.
  5. beneficiary approval will take up to 4 hours through the bank.
  6. After approval, You need to click on fund transfer.
  7. Then, the select created beneficiary.
  8. Enter the transferable amount.
  9. Then enter the transaction password or secure OTP received on your mobile number.
  10. Now click on submit button, then you will get a UTR number that will be available for tracking the RTGS transaction.
  11. Finally, your RTGS transaction is done. You can confirm from your beneficiary for the amount was received or not after 30 minutes. The amount will be transferred within 30 minutes.

How much time does RTGS take?

Under normal circumstances, the beneficiary branches are expected to receive the funds in real-time as soon as funds are transferred by the remitting bank. The beneficiary bank must credit the beneficiary’s account within 30 minutes of receiving the fund’s transfer message.

NEFT vs RTGS vs IMPS

Difference between NEFT, RTGS, and IMPS –

DIFFER BASENEFTRTGSIMPS
Full formNational electronic fund transferReal-time gross settlementimmediate mobile payment service
Payment option availableonline and offline both online and offline both online only
Min. transfer value1 Rs2 lac Rs1 Rs
max transfer valueNo limitNo Limit5 lac Rs
TimingBranch-8 am to 7 pm on all working days
online-24/7
Branch- 8 am to 6 pm
Online- 24/7
Online-24/7 and 365 days
Settlement Typehalf-hourlyReal-timeReal-time
Inward transaction chargesNo chargeNo chargeDepends on banks’ norms and decision

List of RTGS-enabled banks

List of RTGS-enabled banks as of 15 Nov 2022 as per rbi

Sl No.Bank CodeBank NameNo. of Branches
1ABHYABHYUDAYA COOPERATIVE BANK LIMITED112
2AMCBAHMEDABAD MERCANTILE COOPERATIVE BANK35
3AMDNAHMEDNAGAR MERCHANTS CO-OP BANK LTD19
4AIRPAIRTEL PAYMENTS BANK LIMITED2
5AKJBAKOLA JANATA COMMERCIAL COOPERATIVE BANK40
6AUCBALMORA URBAN COOPERATIVE BANK LIMITED51
7AJHCAMBARNATH JAIHIND COOP BANK LTD AMBARNATH19
8APGVANDHRA PRADESH GRAMEENA VIKAS BANK793
9APGBANDHRA PRAGATHI GRAMEENA BANK561
10ASBLAPNA SAHAKARI BANK LIMITED82
11ARBLARVIND SAHAKARI BANK LTD7
12AUBLAU SMALL FINANCE BANK LIMITED559
13ANZBAUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED1
14UTIBAXIS BANK5507
15TBMCBANASKANTHA MERCANTILE CO-OPERATIVE BANK LTD.7
16BDBLBANDHAN BANK LIMITED1199
17BOFABANK OF AMERICA4
18BBKMBANK OF BAHRAIN AND KUWAIT BSC4
19BARBBANK OF BARODA9597
20BCEYBANK OF CEYLON2
21BKIDBANK OF INDIA7951
22MAHBBANK OF MAHARASHTRA2193
23BARCBARCLAYS BANK3
24BACBBASSEIN CATHOLIC COOPERATIVE BANK LIMITED66
25BNSBBHAGINI NIVEDITA SAHAKARI BANK LTD PUNE2
26BCBMBHARAT COOPERATIVE BANK MUMBAI LIMITED103
27BNPABNP PARIBAS10
28BMCBBOMBAY MERCANTILE COOPERATIVE BANK LTD53
29CNRBCANARA BANK11272
30CLBLCAPITAL SMALL FINANCE BANK LIMITED169
31CBINCENTRAL BANK OF INDIA4779
32CRGBCHHATTISGARH RAJYA GRAMIN BANK617
33CITICITI BANK42
34CCBLCITIZEN CREDIT COOPERATIVE BANK LIMITED48
35CIUBCITY UNION BANK LIMITED734
36COASCOASTAL LOCAL AREA BANK LTD2
37CRLYCREDIT AGRICOLE CORPORATE AND INVESTMENT BANK CALYON BANK6
38CRESCREDIT SUISEE AG1
39CSBKCSB BANK LIMITED729
40CTCBCTBC BANK CO LTD2
41DBSSDBS BANK INDIA LIMITED595
42DCBLDCB BANK LIMITED417
43DEOBDEOGIRI NAGARI SAHAKARI BANK LTD. AURANGABAD33
44DEUTDEUTSCHE BANK30
45DLXBDHANALAKSHMI BANK290
46DMKJDMK JAOLI BANK25
47DOHBDOHA BANK5
48DNSBDOMBIVLI NAGARI SAHAKARI BANK LIMITED72
49DURGDURGAPUR STEEL PEOPLES CO-OPERATIVE BANK LTD6
50EBILEMIRATES NBD BANK PJSC4
51ESFBEQUITAS SMALL FINANCE BANK LIMITED860
52ESMFESAF SMALL FINANCE BANK LIMITED586
53FDRLFEDERAL BANK1452
54FSFBFINCARE SMALL FINANCE BANK LTD1
55FINOFINO PAYMENTS BANK55
56NBADFIRST ABU DHABI BANK PJSC1
57FIRNFIRSTRAND BANK LIMITED2
58PJSBG P PARSIK BANK93
59MCBLGS Mahanagar Co-operative Bank Limited, Mumbai71
60HDFCHDFC BANK8303
61HPSCHIMACHAL PRADESH STATE COOPERATIVE BANK LTD219
62HSBCHSBC BANK31
63HUSBHutatma Sahakari Bank Ltd17
64ICICICICI BANK LIMITED6188
65IBKLIDBI BANK3536
66IDFBIDFC FIRST BANK LTD698
67IDUKIDUKKI DISTRICT CO OPERATIVE BANK LTD55
68IPOSINDIA POST PAYMENT BANK2
69IDIBINDIAN BANK5830
70IOBAINDIAN OVERSEAS BANK3372
71INDBINDUSIND BANK1980
72ICBKINDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED1
73IBKOINDUSTRIAL BANK OF KOREA1
74ITBLIrinjalakuda Town Co-Operative Bank Ltd20
75JJSBJALGAON JANATA SAHAKARI BANK LIMITED41
76JAKAJAMMU AND KASHMIR BANK LIMITED1039
77JSFBJANA SMALL FINANCE BANK LTD596
78JSBLJANAKALYAN SAHAKARI BANK LIMITED27
79JASBJANASEVA SAHAKARI BANK BORIVLI LIMITED15
80JANAJANASEVA SAHAKARI BANK LIMITED31
81JSBPJANATA SAHAKARI BANK LIMITED74
82JTSCJANATHA SEVA COOPERATIVE BANK LTD7
83JIOPJIO PAYMENTS BANK LIMITED1
84CHASJP MORGAN BANK4
85KAIJKALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LIMITED45
86KCCBKALUPUR COMMERCIAL COOPERATIVE BANK69
87KARBKARNATAKA BANK LIMITED923
88PKGBKARNATAKA GRAMIN BANK1170
89KVGBKARNATAKA VIKAS GRAMEENA BANK653
90KVBLKARUR VYSYA BANK894
91KOEXKEB HANA BANK3
92KLGBKERALA GRAMIN BANK649
93KBKBKOOKMIN BANK1
94KKBKKOTAK MAHINDRA BANK LIMITED1946
95KDCBKOZHIKODE DISTRICT COOPERATIAVE BANK LTD65
96MAHGMaharashtra Gramin Bank430
97MSCIMAHARASHTRA STATE COOPERATIVE BANK61
98MSBLMahesh Sahakari Bank Ltd Pune16
99MSHQMASHREQBANK PSC1
100MHCBMIZUHO BANK LTD6
101MDBKMODEL COOPERATIVE BANK LTD26
102BOTMMUFG BANK, LTD6
103NGSBNAGPUR NAGARIK SAHAKARI BANK LIMITED46
104ABNANATWEST MARKETS PLC5
105NJBKNAV JEEVAN CO OP BANK LTD9
106NICBNEW INDIA COOPERATIVE BANK LIMITED31
107NKGSNKGSB COOPERATIVE BANK LIMITED113
108NESFNORTH EAST SMALL FINANCE BANK LIMITED225
109NSPBNSDL Payments Bank Limited4
110NNSBNUTAN NAGARIK SAHAKARI BANK LIMITED25
111PSBLPAVANA SAHAKARI BANK23
112PYTMPAYTM PAYMENTS BANK LTD3
113PMECPRIME COOPERATIVE BANK LIMITED40
114IBBKPT BANK MAYBANK INDONESIA TBK1
115PSIBPUNJAB AND SIND BANK1548
116PUNBPUNJAB NATIONAL BANK12497
117QNBAQATAR NATIONAL BANK SAQ2
118RABORABOBANK INTERNATIONAL1
119RRBPRAJARAMBAPU SAHAKARI BANK LIMITED47
120RSSBRAJARSHI SHAHU SAHAKARI BANK LTD  PUNE16
121RMGBRAJASTHAN MARUDHARA GRAMIN BANK733
122RSBLRAJGURUNAGAR SAHAKARI BANK LIMITED19
123RNSBRAJKOT NAGRIK SAHAKARI BANK LIMITED1
124RDCBRAJNANDGAON DISTRICT CENTRAL CO-OPERATIVE BANK LTD.47
125RATNRBL BANK LIMITED544
126RBINRESERVE BANK OF INDIA68
127SBLSSAMARTH SAHAKARI BANK LTD2
129SANTSANT SOPANKAKA SAHAKARI BANK LTD2
130SNBKSaraspur Nagrik Co operative Bank Ltd Saraspur12
131SRCBSARASWAT COOPERATIVE BANK LIMITED434
132SDCESATARA DISTRICT CENTRAL CO OP BANK LTD321
133TSSBSatara Sahakari Bank Ltd19
134SGBASaurashtra Gramin Bank266
135SABRSBER BANK1
136STCBSBM BANK INDIA LIMITED2
137SKSBSHIKSHAK SAHAKARI BANK LIMITED2
138SHBKSHINHAN BANK7
139SMCBShivalik Small Finance Bank Limited33
140SKNBShree Kadi Nagarik Sahakari Bank Limited19
141CRUBSHRI CHHATRAPATI RAJASHRI SHAHU URBAN COOPERATIVE BANK LIMITED47
142SVSHShri Veershaiv Co Op Bank Ltd31
143MVCBSIR M VISVESVARAYA CO OPERATIVE BANK LTD12
144SMNBSmriti Nagrik Sahakari Bank Maryadit14
145SOGESOCIETE GENERALE3
146SJSBSOLAPUR JANATA SAHAKARI BANK LIMITED42
147SIBLSOUTH INDIAN BANK959
148SECBSREE CHARAN SOUHARDHA CO OPERATIVE BANK LTD11
149SCBLSTANDARD CHARTERED BANK107
150SBINSTATE BANK OF INDIA27463
151SUSBSuco Souharda Sahakari Bank Ltd30
152SMBCSUMITOMO MITSUI BANKING CORPORATION3
153SUNBSURAT NATIONAL COOPERATIVE BANK LIMITED18
154SURYSURYODAY SMALL FINANCE BANK LIMITED32
155SUTBSUTEX COOPERATIVE BANK LIMITED21
156TMBLTAMILNAD MERCANTILE BANK LIMITED525
157TSABTELANGANA STATE COOP APEX BANK420
158TTCBTEXTILE TRADERS CO-OPERATIVE BANK LIMITED5
159APMCTHE A.P. MAHESH COOPERATIVE URBAN BANK LIMITED46
160AHDCTHE AHMEDNAGAR DISTRICT CENTRAL CO-OPERATIVE BANK LTD289
161AJARThe Ajara Urban Co op Bank Ltd Ajara33
162ADCCTHE AKOLA DISTRICT CENTRAL COOPERATIVE BANK113
163TAUBThe Akola Urban Cooperative Bank Limited35
164APBLTHE ANDHRA PRADESH STATE COOPERATIVE BANK LIMITED446
165NOSCTHE BANK OF NOVA SCOTIA2
166BARATHE BARAMATI SAHAKARI BANK LTD38
167COSBTHE COSMOS CO OPERATIVE BANK LIMITED147
168DCUBThe Darussalam Co operative Urban Bank Ltd10
169DLSCTHE DELHI STATE COOPERATIVE BANK LIMITED51
170GDCBTHE GADCHIROLI DISTRICT CENTRAL COOPERATIVE BANK LIMITED1
171GBCBTHE GREATER BOMBAY COOPERATIVE BANK LIMITED23
172GSCBTHE GUJARAT STATE COOPERATIVE BANK LIMITED1580
173HARCTHE HARYANA STATE COOPERATIVE APEX BANK LTD16
174HCBLTHE HASTI COOP BANK LTD22
175JPCBTHE JALGAON PEOPLES COOPERATIVE BANK LIMITED41
176KJSBTHE KALYAN JANATA SAHAKARI BANK LTD.49
177KACETHE KANGRA CENTRAL COOPERATIVE BANK LIMITED218
178KANGTHE KANGRA COOPERATIVE BANK LIMITED12
179KUCBTHE KARAD URBAN COOPERATIVE BANK LIMITED63
180KSCBTHE KARNATAKA STATE COOPERATIVE APEX BANK LIMITED111
181KSBKThe Kerala State Co Operative Bank Ltd770
182KOLHThe Kolhapur Urban Co-op Bank Ltd21
183KNSBTHE KURMANCHAL NAGAR SAHAKARI BANK LIMITED44
184TMSBThe Malad Sahakari Bank Ltd7
185MKPBThe Malkapur Urban Co Operative Bank Ltd Malkapur29
186MCABTHE MEGHALAYA CO-OPERATIVE APEX BANK LTD.52
187MSNUTHE MEHSANA URBAN COOPERATIVE BANK58
188MDCBTHE MUMBAI DISTRICT CENTRAL COOPERATIVE BANK LIMITED74
189MUBLTHE MUNICIPAL COOPERATIVE BANK LIMITED23
190MSLMThe Muslim Co-operative Bank Ltd28
191NTBLTHE NAINITAL BANK LIMITED167
192NMCBTHE NASIK MERCHANTS COOPERATIVE BANK LIMITED81
193NVNMTHE NAVNIRMAN CO-OPERATIVE BANK LIMITED15
194TNCBTHE NAWANAGAR COOPERATIVE BANK LTD12
195NCUBTHE NILAMBUR CO OPERATIVE URBAN BANK LTD NILAMBUR28
196ORCBTHE ODISHA STATE COOPERATIVE BANK LTD32
197PUCBTHE PANDHARPUR URBAN CO OP. BANK LTD. PANDHARPUR31
198TPSCTHE PUNJAB STATE COOPERATIVE BANK LTD21
199PUSDThe Pusad Urban Cooperative Bank Ltd Pusad38
200RSCBTHE RAJASTHAN STATE COOPERATIVE BANK LIMITED498
201SVCBTHE SHAMRAO VITHAL COOPERATIVE BANK522
202SIDCTHE SINDHUDURG DISTRICT CENTRAL COOP BANK LTD100
203SDCBTHE SURAT DISTRICT COOPERATIVE BANK LIMITED113
204SPCBTHE SURAT PEOPLES COOPERATIVE BANK LIMITED31
205TNSCTHE TAMIL NADU STATE APEX COOPERATIVE BANK28
206TBSBTHE THANE BHARAT SAHAKARI BANK LIMITED31
207TDCBTHE THANE DISTRICT CENTRAL COOPERATIVE BANK LIMITED119
208UUCBTHE UDAIPUR URBAN CO OPERATIVE BANK LTD14
209URBNTHE URBAN CO OPERATIVE BANK Ltd No ONE SEVEN FIVE EIGHT PERINTHALMANNA25
210VARATHE VARACHHA COOPERATIVE BANK LIMITED26
211VCOBThe Vijay Co Operative Bank Limited17
212VSBLTHE VISHWESHWAR SAHAKARI BANK LIMITED29
213WBSCTHE WEST BENGAL STATE COOPERATIVE BANK347
214ZCBLTHE ZOROASTRIAN COOPERATIVE BANK LIMITED20
215THRSTHRISSUR DISTRICT CO-OPERATIVE BANK LTD59
216TJSBTJSB SAHAKARI BANK LTD138
217TGMBTUMKUR GRAIN MERCHANTS COOPERATIVE BANK LIMITED32
218UCBAUCO BANK3132
219UJVNUjjivan Small Finance Bank Limited593
220UBINUNION BANK OF INDIA10312
221UOVBUNITED OVERSEAS BANK LIMITED1
222UTKSUTKARSH SMALL FINANCE BANK778
223UPCBUTTAR PRADESH COOPERATIVE BANK LTD93
224VASJVASAI JANATA SAHAKARI BANK LTD14
225VVSBVASAI VIKAS SAHAKARI BANK LIMITED22
226HVBKWOORI BANK5
227YESBYES BANK3239
228ZSBLZILA SAHAKRI BANK LIMITED GHAZIABAD35
Grand Total163194

FAQs on RTGS full form

1. Are the payments under RTGS final and irrevocable?

Considering that the fund’s settlement takes place in the books of the Reserve Bank of India (RBI), the payments are final and irrevocable.

2. How is the processing of RTGS different from that of the National Electronic Funds Transfer (NEFT) System?

NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction-by-transaction basis throughout the day.

3. Is RTGS a 24×7 system?

RTGS is available 24x7x365 with effect from December 14, 2020.

4. What is the UTR number?

A unique Transaction Reference (UTR) number is a 22-character code used to uniquely identify a transaction in the RTGS system.

5. Is a customer eligible to get compensation for the delay in returning the payment?

In case of any delay in returning the failed payment, the originating customer is eligible to receive compensation at the current repo rate plus 2%.

6. Would the remitting customer get back the money if it is not credited to the beneficiary’s account?

Yes, if it is not possible to credit the funds to the beneficiary customer’s account for any reason, the funds received by the RTGS member bank will be returned to the originating bank within one hour of receipt of the payment at the Payment Interface (PI) or before the end of the RTGS Business Day, whichever is earlier. Once the money is received back by the remitting bank, the original debit entry in the customer’s account needs to be reversed.

7. Can an RTGS transaction be tracked?

While the customers do not have the facility to track the transaction, the RBI has implemented the feature of positive confirmation in an RTGS transaction. Under this, the remitting bank would receive a message from RBI (through the beneficiary bank) that the money has been credited to the beneficiary bank/customer account. Based on this, the remitting bank should advise the remitting customer that money has been credited to the receiving bank’s beneficiary account.

8. Can a remitting customer initiate a transaction for a future date?

No, the RTGS system does not accept future value-dated transactions.

9. For which transactions are RTGS best to use?

RTGS is best suited for transactions having a minimum amount of Rs.2 lakh.

10. Is the RTGS mode of payment safe?

RTGS is a highly safe and secure mode of payment that is monitored by the government. It is even more secure as it is used majorly for money transfers of higher amounts.

11. Do all bank branches in India provide RTGS service?

For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch need to be RTGS enabled. Presently, there are more than 1,60,000 RTGS-enabled bank branches.

Leave a Reply

Your email address will not be published. Required fields are marked *

10 Common Reasons of cheque bounce Mahagst- How to login mahagst.gov.in What is the Revenue Receipts