RTGS full form in banking

November 27, 2022NEFT/RTGS/IMPS

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.

Contents of this post

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-

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

What is the RTGS timing?

For RTGS timing, you can consider these points-

RTGS is available 24×7, 365 days with effect from December 14, 2020.
RTGS takes place in 30 minutes. NEFT may take up to 72 hours as it is deposited in the beneficiary account on hourly slots.
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.
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-

Inward transactions – Free, no charge to be levied.
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).
Banks may decide to charge a lower rate but cannot charge more than the rates prescribed by RBI.
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-

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

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

Amount
Beneficiary Name
Beneficiary Account Number
Ifsc code of Beneficiary bank branch
Name of beneficiary bank branch
Beneficiary Legal Entity Identifier (for eligible transactions)

What are the steps to do RTGS online?

There are simple steps to do RTGS online-

First of all, You should have internet banking if not then register yourself for net banking.
After registering, You are to log in with your user id and password in your applicable bank online.
Then you are to create a beneficiary for online RTGS.
Just create the beneficiary with the help of the above-mentioned information such as name, A/c No, and IFSC Code.
beneficiary approval will take up to 4 hours through the bank.
After approval, You need to click on fund transfer.
Then, the select created beneficiary.
Enter the transferable amount.
Then enter the transaction password or secure OTP received on your mobile number.
Now click on submit button, then you will get a UTR number that will be available for tracking the RTGS transaction.
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 BASE	NEFT	RTGS	IMPS
Full form	National electronic fund transfer	Real-time gross settlement	immediate mobile payment service
Payment option available	online and offline both	online and offline both	online only
Min. transfer value	1 Rs	2 lac Rs	1 Rs
max transfer value	No limit	No Limit	5 lac Rs
Timing	Branch-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 Type	half-hourly	Real-time	Real-time
Inward transaction charges	No charge	No charge	Depends 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 Code	Bank Name	No. of Branches
1	ABHY	ABHYUDAYA COOPERATIVE BANK LIMITED	112
2	AMCB	AHMEDABAD MERCANTILE COOPERATIVE BANK	35
3	AMDN	AHMEDNAGAR MERCHANTS CO-OP BANK LTD	19
4	AIRP	AIRTEL PAYMENTS BANK LIMITED	2
5	AKJB	AKOLA JANATA COMMERCIAL COOPERATIVE BANK	40
6	AUCB	ALMORA URBAN COOPERATIVE BANK LIMITED	51
7	AJHC	AMBARNATH JAIHIND COOP BANK LTD AMBARNATH	19
8	APGV	ANDHRA PRADESH GRAMEENA VIKAS BANK	793
9	APGB	ANDHRA PRAGATHI GRAMEENA BANK	561
10	ASBL	APNA SAHAKARI BANK LIMITED	82
11	ARBL	ARVIND SAHAKARI BANK LTD	7
12	AUBL	AU SMALL FINANCE BANK LIMITED	559
13	ANZB	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	1
14	UTIB	AXIS BANK	5507
15	TBMC	BANASKANTHA MERCANTILE CO-OPERATIVE BANK LTD.	7
16	BDBL	BANDHAN BANK LIMITED	1199
17	BOFA	BANK OF AMERICA	4
18	BBKM	BANK OF BAHRAIN AND KUWAIT BSC	4
19	BARB	BANK OF BARODA	9597
20	BCEY	BANK OF CEYLON	2
21	BKID	BANK OF INDIA	7951
22	MAHB	BANK OF MAHARASHTRA	2193
23	BARC	BARCLAYS BANK	3
24	BACB	BASSEIN CATHOLIC COOPERATIVE BANK LIMITED	66
25	BNSB	BHAGINI NIVEDITA SAHAKARI BANK LTD PUNE	2
26	BCBM	BHARAT COOPERATIVE BANK MUMBAI LIMITED	103
27	BNPA	BNP PARIBAS	10
28	BMCB	BOMBAY MERCANTILE COOPERATIVE BANK LTD	53
29	CNRB	CANARA BANK	11272
30	CLBL	CAPITAL SMALL FINANCE BANK LIMITED	169
31	CBIN	CENTRAL BANK OF INDIA	4779
32	CRGB	CHHATTISGARH RAJYA GRAMIN BANK	617
33	CITI	CITI BANK	42
34	CCBL	CITIZEN CREDIT COOPERATIVE BANK LIMITED	48
35	CIUB	CITY UNION BANK LIMITED	734
36	COAS	COASTAL LOCAL AREA BANK LTD	2
37	CRLY	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK CALYON BANK	6
38	CRES	CREDIT SUISEE AG	1
39	CSBK	CSB BANK LIMITED	729
40	CTCB	CTBC BANK CO LTD	2
41	DBSS	DBS BANK INDIA LIMITED	595
42	DCBL	DCB BANK LIMITED	417
43	DEOB	DEOGIRI NAGARI SAHAKARI BANK LTD. AURANGABAD	33
44	DEUT	DEUTSCHE BANK	30
45	DLXB	DHANALAKSHMI BANK	290
46	DMKJ	DMK JAOLI BANK	25
47	DOHB	DOHA BANK	5
48	DNSB	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	72
49	DURG	DURGAPUR STEEL PEOPLES CO-OPERATIVE BANK LTD	6
50	EBIL	EMIRATES NBD BANK PJSC	4
51	ESFB	EQUITAS SMALL FINANCE BANK LIMITED	860
52	ESMF	ESAF SMALL FINANCE BANK LIMITED	586
53	FDRL	FEDERAL BANK	1452
54	FSFB	FINCARE SMALL FINANCE BANK LTD	1
55	FINO	FINO PAYMENTS BANK	55
56	NBAD	FIRST ABU DHABI BANK PJSC	1
57	FIRN	FIRSTRAND BANK LIMITED	2
58	PJSB	G P PARSIK BANK	93
59	MCBL	GS Mahanagar Co-operative Bank Limited, Mumbai	71
60	HDFC	HDFC BANK	8303
61	HPSC	HIMACHAL PRADESH STATE COOPERATIVE BANK LTD	219
62	HSBC	HSBC BANK	31
63	HUSB	Hutatma Sahakari Bank Ltd	17
64	ICIC	ICICI BANK LIMITED	6188
65	IBKL	IDBI BANK	3536
66	IDFB	IDFC FIRST BANK LTD	698
67	IDUK	IDUKKI DISTRICT CO OPERATIVE BANK LTD	55
68	IPOS	INDIA POST PAYMENT BANK	2
69	IDIB	INDIAN BANK	5830
70	IOBA	INDIAN OVERSEAS BANK	3372
71	INDB	INDUSIND BANK	1980
72	ICBK	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	1
73	IBKO	INDUSTRIAL BANK OF KOREA	1
74	ITBL	Irinjalakuda Town Co-Operative Bank Ltd	20
75	JJSB	JALGAON JANATA SAHAKARI BANK LIMITED	41
76	JAKA	JAMMU AND KASHMIR BANK LIMITED	1039
77	JSFB	JANA SMALL FINANCE BANK LTD	596
78	JSBL	JANAKALYAN SAHAKARI BANK LIMITED	27
79	JASB	JANASEVA SAHAKARI BANK BORIVLI LIMITED	15
80	JANA	JANASEVA SAHAKARI BANK LIMITED	31
81	JSBP	JANATA SAHAKARI BANK LIMITED	74
82	JTSC	JANATHA SEVA COOPERATIVE BANK LTD	7
83	JIOP	JIO PAYMENTS BANK LIMITED	1
84	CHAS	JP MORGAN BANK	4
85	KAIJ	KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LIMITED	45
86	KCCB	KALUPUR COMMERCIAL COOPERATIVE BANK	69
87	KARB	KARNATAKA BANK LIMITED	923
88	PKGB	KARNATAKA GRAMIN BANK	1170
89	KVGB	KARNATAKA VIKAS GRAMEENA BANK	653
90	KVBL	KARUR VYSYA BANK	894
91	KOEX	KEB HANA BANK	3
92	KLGB	KERALA GRAMIN BANK	649
93	KBKB	KOOKMIN BANK	1
94	KKBK	KOTAK MAHINDRA BANK LIMITED	1946
95	KDCB	KOZHIKODE DISTRICT COOPERATIAVE BANK LTD	65
96	MAHG	Maharashtra Gramin Bank	430
97	MSCI	MAHARASHTRA STATE COOPERATIVE BANK	61
98	MSBL	Mahesh Sahakari Bank Ltd Pune	16
99	MSHQ	MASHREQBANK PSC	1
100	MHCB	MIZUHO BANK LTD	6
101	MDBK	MODEL COOPERATIVE BANK LTD	26
102	BOTM	MUFG BANK, LTD	6
103	NGSB	NAGPUR NAGARIK SAHAKARI BANK LIMITED	46
104	ABNA	NATWEST MARKETS PLC	5
105	NJBK	NAV JEEVAN CO OP BANK LTD	9
106	NICB	NEW INDIA COOPERATIVE BANK LIMITED	31
107	NKGS	NKGSB COOPERATIVE BANK LIMITED	113
108	NESF	NORTH EAST SMALL FINANCE BANK LIMITED	225
109	NSPB	NSDL Payments Bank Limited	4
110	NNSB	NUTAN NAGARIK SAHAKARI BANK LIMITED	25
111	PSBL	PAVANA SAHAKARI BANK	23
112	PYTM	PAYTM PAYMENTS BANK LTD	3
113	PMEC	PRIME COOPERATIVE BANK LIMITED	40
114	IBBK	PT BANK MAYBANK INDONESIA TBK	1
115	PSIB	PUNJAB AND SIND BANK	1548
116	PUNB	PUNJAB NATIONAL BANK	12497
117	QNBA	QATAR NATIONAL BANK SAQ	2
118	RABO	RABOBANK INTERNATIONAL	1
119	RRBP	RAJARAMBAPU SAHAKARI BANK LIMITED	47
120	RSSB	RAJARSHI SHAHU SAHAKARI BANK LTD PUNE	16
121	RMGB	RAJASTHAN MARUDHARA GRAMIN BANK	733
122	RSBL	RAJGURUNAGAR SAHAKARI BANK LIMITED	19
123	RNSB	RAJKOT NAGRIK SAHAKARI BANK LIMITED	1
124	RDCB	RAJNANDGAON DISTRICT CENTRAL CO-OPERATIVE BANK LTD.	47
125	RATN	RBL BANK LIMITED	544
126	RBIN	RESERVE BANK OF INDIA	68
127	SBLS	SAMARTH SAHAKARI BANK LTD	2
129	SANT	SANT SOPANKAKA SAHAKARI BANK LTD	2
130	SNBK	Saraspur Nagrik Co operative Bank Ltd Saraspur	12
131	SRCB	SARASWAT COOPERATIVE BANK LIMITED	434
132	SDCE	SATARA DISTRICT CENTRAL CO OP BANK LTD	321
133	TSSB	Satara Sahakari Bank Ltd	19
134	SGBA	Saurashtra Gramin Bank	266
135	SABR	SBER BANK	1
136	STCB	SBM BANK INDIA LIMITED	2
137	SKSB	SHIKSHAK SAHAKARI BANK LIMITED	2
138	SHBK	SHINHAN BANK	7
139	SMCB	Shivalik Small Finance Bank Limited	33
140	SKNB	Shree Kadi Nagarik Sahakari Bank Limited	19
141	CRUB	SHRI CHHATRAPATI RAJASHRI SHAHU URBAN COOPERATIVE BANK LIMITED	47
142	SVSH	Shri Veershaiv Co Op Bank Ltd	31
143	MVCB	SIR M VISVESVARAYA CO OPERATIVE BANK LTD	12
144	SMNB	Smriti Nagrik Sahakari Bank Maryadit	14
145	SOGE	SOCIETE GENERALE	3
146	SJSB	SOLAPUR JANATA SAHAKARI BANK LIMITED	42
147	SIBL	SOUTH INDIAN BANK	959
148	SECB	SREE CHARAN SOUHARDHA CO OPERATIVE BANK LTD	11
149	SCBL	STANDARD CHARTERED BANK	107
150	SBIN	STATE BANK OF INDIA	27463
151	SUSB	Suco Souharda Sahakari Bank Ltd	30
152	SMBC	SUMITOMO MITSUI BANKING CORPORATION	3
153	SUNB	SURAT NATIONAL COOPERATIVE BANK LIMITED	18
154	SURY	SURYODAY SMALL FINANCE BANK LIMITED	32
155	SUTB	SUTEX COOPERATIVE BANK LIMITED	21
156	TMBL	TAMILNAD MERCANTILE BANK LIMITED	525
157	TSAB	TELANGANA STATE COOP APEX BANK	420
158	TTCB	TEXTILE TRADERS CO-OPERATIVE BANK LIMITED	5
159	APMC	THE A.P. MAHESH COOPERATIVE URBAN BANK LIMITED	46
160	AHDC	THE AHMEDNAGAR DISTRICT CENTRAL CO-OPERATIVE BANK LTD	289
161	AJAR	The Ajara Urban Co op Bank Ltd Ajara	33
162	ADCC	THE AKOLA DISTRICT CENTRAL COOPERATIVE BANK	113
163	TAUB	The Akola Urban Cooperative Bank Limited	35
164	APBL	THE ANDHRA PRADESH STATE COOPERATIVE BANK LIMITED	446
165	NOSC	THE BANK OF NOVA SCOTIA	2
166	BARA	THE BARAMATI SAHAKARI BANK LTD	38
167	COSB	THE COSMOS CO OPERATIVE BANK LIMITED	147
168	DCUB	The Darussalam Co operative Urban Bank Ltd	10
169	DLSC	THE DELHI STATE COOPERATIVE BANK LIMITED	51
170	GDCB	THE GADCHIROLI DISTRICT CENTRAL COOPERATIVE BANK LIMITED	1
171	GBCB	THE GREATER BOMBAY COOPERATIVE BANK LIMITED	23
172	GSCB	THE GUJARAT STATE COOPERATIVE BANK LIMITED	1580
173	HARC	THE HARYANA STATE COOPERATIVE APEX BANK LTD	16
174	HCBL	THE HASTI COOP BANK LTD	22
175	JPCB	THE JALGAON PEOPLES COOPERATIVE BANK LIMITED	41
176	KJSB	THE KALYAN JANATA SAHAKARI BANK LTD.	49
177	KACE	THE KANGRA CENTRAL COOPERATIVE BANK LIMITED	218
178	KANG	THE KANGRA COOPERATIVE BANK LIMITED	12
179	KUCB	THE KARAD URBAN COOPERATIVE BANK LIMITED	63
180	KSCB	THE KARNATAKA STATE COOPERATIVE APEX BANK LIMITED	111
181	KSBK	The Kerala State Co Operative Bank Ltd	770
182	KOLH	The Kolhapur Urban Co-op Bank Ltd	21
183	KNSB	THE KURMANCHAL NAGAR SAHAKARI BANK LIMITED	44
184	TMSB	The Malad Sahakari Bank Ltd	7
185	MKPB	The Malkapur Urban Co Operative Bank Ltd Malkapur	29
186	MCAB	THE MEGHALAYA CO-OPERATIVE APEX BANK LTD.	52
187	MSNU	THE MEHSANA URBAN COOPERATIVE BANK	58
188	MDCB	THE MUMBAI DISTRICT CENTRAL COOPERATIVE BANK LIMITED	74
189	MUBL	THE MUNICIPAL COOPERATIVE BANK LIMITED	23
190	MSLM	The Muslim Co-operative Bank Ltd	28
191	NTBL	THE NAINITAL BANK LIMITED	167
192	NMCB	THE NASIK MERCHANTS COOPERATIVE BANK LIMITED	81
193	NVNM	THE NAVNIRMAN CO-OPERATIVE BANK LIMITED	15
194	TNCB	THE NAWANAGAR COOPERATIVE BANK LTD	12
195	NCUB	THE NILAMBUR CO OPERATIVE URBAN BANK LTD NILAMBUR	28
196	ORCB	THE ODISHA STATE COOPERATIVE BANK LTD	32
197	PUCB	THE PANDHARPUR URBAN CO OP. BANK LTD. PANDHARPUR	31
198	TPSC	THE PUNJAB STATE COOPERATIVE BANK LTD	21
199	PUSD	The Pusad Urban Cooperative Bank Ltd Pusad	38
200	RSCB	THE RAJASTHAN STATE COOPERATIVE BANK LIMITED	498
201	SVCB	THE SHAMRAO VITHAL COOPERATIVE BANK	522
202	SIDC	THE SINDHUDURG DISTRICT CENTRAL COOP BANK LTD	100
203	SDCB	THE SURAT DISTRICT COOPERATIVE BANK LIMITED	113
204	SPCB	THE SURAT PEOPLES COOPERATIVE BANK LIMITED	31
205	TNSC	THE TAMIL NADU STATE APEX COOPERATIVE BANK	28
206	TBSB	THE THANE BHARAT SAHAKARI BANK LIMITED	31
207	TDCB	THE THANE DISTRICT CENTRAL COOPERATIVE BANK LIMITED	119
208	UUCB	THE UDAIPUR URBAN CO OPERATIVE BANK LTD	14
209	URBN	THE URBAN CO OPERATIVE BANK Ltd No ONE SEVEN FIVE EIGHT PERINTHALMANNA	25
210	VARA	THE VARACHHA COOPERATIVE BANK LIMITED	26
211	VCOB	The Vijay Co Operative Bank Limited	17
212	VSBL	THE VISHWESHWAR SAHAKARI BANK LIMITED	29
213	WBSC	THE WEST BENGAL STATE COOPERATIVE BANK	347
214	ZCBL	THE ZOROASTRIAN COOPERATIVE BANK LIMITED	20
215	THRS	THRISSUR DISTRICT CO-OPERATIVE BANK LTD	59
216	TJSB	TJSB SAHAKARI BANK LTD	138
217	TGMB	TUMKUR GRAIN MERCHANTS COOPERATIVE BANK LIMITED	32
218	UCBA	UCO BANK	3132
219	UJVN	Ujjivan Small Finance Bank Limited	593
220	UBIN	UNION BANK OF INDIA	10312
221	UOVB	UNITED OVERSEAS BANK LIMITED	1
222	UTKS	UTKARSH SMALL FINANCE BANK	778
223	UPCB	UTTAR PRADESH COOPERATIVE BANK LTD	93
224	VASJ	VASAI JANATA SAHAKARI BANK LTD	14
225	VVSB	VASAI VIKAS SAHAKARI BANK LIMITED	22
226	HVBK	WOORI BANK	5
227	YESB	YES BANK	3239
228	ZSBL	ZILA SAHAKRI BANK LIMITED GHAZIABAD	35
Grand Total	163194

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.

Mayur Kumar

An Accountant, GSTP, GST blogger, Website Creator, SEO Builder & Co-founder of the website https://gstportalindia.in for the help of GST Taxpayers of India. Having a perfect accounting experience of more than 10 years in a Private Ltd Company.

gstportalindia.in

Tags: BENEFITS OF RTGS, FAQS ON RTGS, FAQS ON RTGS FULL FORM, INFORMATION REQUIRED FOR RTGS, LIST OF RTGS ENABLED BANKS, NEFT VS RTGS, REAL TIME GROSS SETTLEMENT, RTGS, RTGS AMOUNT LIMIT, RTGS CHARGES, RTGS FULL FORM, RTGS FULL FORM IN BANKING, RTGS FULL FORM IN HINDI, RTGS MEANING, RTGS MEANING IN HINDI, RTGS TIMING, RTGS VS NEFT, STEPS TO DO RTGS ONLINE

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