What is the full form of RTGS

What is the full form of RTGS

RTGS: Real-Time Gross Settlement

RTGS stand for Real Time Gross Settlement. It is the electronic payment systems that allow individuals to transfer funds between banks. Both these systems are maintained by the Reserve Bank of India. It is applicable only for money transfer within the country.

Under RTGS, the funds transfer takes place on a real time basis, or in other words, at the time the request is received. It is one of the fastest interbank money transfer facility available through banking channels in India. The beneficiary bank has to credit the recipient’s account within 30 minutes of receiving the funds transfer message.

Timings: The RTGS window is available from 8 am to 16.30 pm on weekdays and working Saturdays. In case of NEFT, currently there are twelve settlements from 8 am to 7 pm. However, the timings that the banks follow may vary depending on the customer timings of the bank branches.

What are the limits?

The RTGS transfer mechanism was built keeping in mind large value of transactions. Thus, you need to transfer fund beyond a certain predefined limit in order to proceed with RTGS. For retail customers, the minimum amount for RTGS is Rs. 2 Lakh. Unlike RTGS some other modes of transfer do not have a minimum requirement when it comes to transferring.

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