Charges for RTGS

What is RTGS?

RTGS is a real-time and secure money transfer system through which we can transfer money 24×7, even on bank and public holidays as well. RTGS or Real Time Gross Settlement is a funds transfer service or a method for instant money transfer launched by RBI in 2004. It is used for high-value transactions. Being a real-time funds transfer service, the funds are instantly transferred to the beneficiary without any delay, unlike NEFT. It has made it very convenient to send and receive money from anywhere and anytime....

Features of RTGS

The following are the features of RTGS:...

Why do you need RTGS?

RTGS is required as other modes of transfer, such as the NEFT, IMPS, and UPI do not allow a transfer of more than a certain amount and have a maximum limit attached to them. However, RTGS has no maximum limit and any amount of funds can be transferred which makes it very convenient for the users. Also, the settlement through RTGS happens in real-time. RTGS is also very transparent and helps a user to monitor and track the status of transactions online. Moreover, RTGS is highly reliable and secure which provides an additional sense of satisfaction to the users. RTGS is also available at most of the bank branches across the country. Thus, it is very easy and convenient to use and is preferred by users....

Pre-Requisites of RTGS

In order to initiate an RTGS transaction, the person who is initiating the transfer needs to meet certain prerequisites. These are:...

RTGS Timings

RTGS is not restricted by the timings. It can be done anytime and anywhere, 24 x 7 round the clock, even on bank and public holidays, except the time between 11:30 PM to 12:30 AM due to cut-off. Thus, RTGS provides an easy way to transfer funds even if the bank is closed. However, RTGS may be affected by the server issues of the bank or maintenance activities, and usually, an appropriate message is shown to the user, in such cases on the funds transfer page....

Benefits of RTGS

The following are the benefits of RTGS:...

Limits of RTGS

RTGS was made for high-valued transactions. Thus, it cannot be used for payments below ₹2 lacs. In such cases, a person has to use other modes of transfer such as IMPS, NEFT or UPI. Thus, RTGS does not have any maximum limit for the funds transfer, but the minimum amount to transfer an RTGS transaction is ₹2 lakhs....

Charges for RTGS

RTGS transactions are free from any charges if done using online modes. However, if a person completes an RTGS transaction at a bank branch, then a charge of a maximum ₹50 is applicable on each transaction, depending upon the transaction amount. The charges may also vary from bank to bank depending on the type of account a person holds with the bank. Sometimes, banks provide RTGS transfer facilities to their customers at reduced prices. The charges also incur an additional GST amount of 18% on the base charges. It is always advisable to check the charges on the bank’s website before making an RTGS transfer. The following table summarises the RTGS charges:...

Frequently Asked Questions

Q1. When was RTGS launched?...