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?
- What is RTGS?
- What is RTGS’s full form & meaning in Hindi?
- What are the benefits of RTGS in banking?
- What is the RTGS timing?
- What is the RTGS amount limit?
- What are the RTGS charges?
- What information is required for RTGS?
- What are the steps to do RTGS online?
- How much time does RTGS take?
- NEFT vs RTGS vs IMPS
- List of RTGS-enabled banks
- FAQs on RTGS full form
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
Considering that the fund’s settlement takes place in the books of the Reserve Bank of India (RBI), the payments are final and irrevocable.
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.
RTGS is available 24x7x365 with effect from December 14, 2020.
A unique Transaction Reference (UTR) number is a 22-character code used to uniquely identify a transaction in the RTGS system.
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%.
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.
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.
No, the RTGS system does not accept future value-dated transactions.
RTGS is best suited for transactions having a minimum amount of Rs.2 lakh.
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.
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.

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