What Is RTGS Transfer?

RTGS or Real-Time Gross Settlement is the method of no-delay money transfer of larger sums from one bank account to another. And the best part of it is it does not process the settlement in batches to the beneficiary account – the recipient gets the amount altogether without any delay. The Reserve Bank of India (RBI) launched the RTGS transfers in 2004 and since then, it has become a widely accepted for transactions of large value.

The Minimum And Maximums of RTGS Transfers

The minimum transferrable amount for RTGS is 2 lacs; however, there is currently no upper limit for it.

How Can You Make RTGS Transfers?

Currently, there are 3 methods of making RTGS transfers –

1. Website of the bank through net-banking
2. Mobile app
3. Visiting the branch

RTGS transfer through the website:

1. Log in to your respective Internet Banking account of your bank with your username and password
2. Go to the Funds Transfer
3. Proceed with adding payee and beneficiary details and select RTGS
4. Review the details you have entered and submit it

RTGS transfer through a mobile app:

1. Log into the mobile app with your credentials
2. Go to Funds transfer
3. Add payee and beneficiary details
4. Select RTGS method and complete the authentication to complete the transfer

Once the submission is done, you will get a confirmation text with transaction code of RTGS transfer - you can use this RTGS No. in case of any issue in future.

To complete RTGS transfer offline, just visit the branch during banking hours and fill up the RTGS form carefully and correctly to complete the transaction. The bank will give an acknowledgement slip of the RTGS transfer with bank's stamp and signature of the authorized person.

Prerequisites of RTGS Transfers

In order to conduct RTGS transfers, you need to have:

1. Beneficiary's name, account number, bank with branch name, and IFSC
2. Remitters contact and account details
3. The amount or the cheque details

Remember: The branch of the beneficiary should also have the RTGS facility to receive the transferred amount – at present, there are more than 1,60,000 RTGS-enabled branches all over India. In case, the branch does not have RTGS facility, the transfer will be cancelled and the amount will come back into your account. RBI website has a comprehensive list of all RTGS-enabled branches.

When Can You Do RTGS Transfers?

According to RBI, one can do RTGS transfers 24*7*365 from the mobile app or website of the bank (effected from December 14, 2020). In case, you are opting for offline RTGS transfers, you have to visit the bank during banking hours.

Remember: RTGS transfers, once initiated, cannot be cancelled.

How Long Does It Take to Reflect RTGS Transfers on Beneficiary's Accounts?

RTGS transfer is a real-time transaction, so, the beneficiary’s account should receive the amount paid right after the transaction is made. But, in some cases, it may take 30 minutes to reflect the bank account of the beneficiary. A remitter ideally receives a text message as soon as the transfer is done successfully.

Is There Any Transaction Fees/Charges for Doing RTGS Transfers?

Is There Any Transaction Fees/Charges for Doing RTGS Transfers?

What Happens If The Amount Transferred Is Not Credited To The Receiver’s Account?

Is It Possible to Schedule RTGS Transfers?

In case of any kind of transaction failure, the amount will be credited back to the account number of the remittance within 1 hour or before the day-end.

Well, it depends on the bank’s policies – some banks allow to schedule RTGS transfers 3 days before. You have to check the bank guidelines or visit the branch for further clarification.

Benefits of RTGS Transfer

The main benefits why more people are opting for RTGS transfers payments if large values are quite clear from its benefits:

• Realtime transactions – no delay
• No upper limit like the NEFT and cards
• Highly secured – a 22-character Unique Transaction Reference (UTR) code comes specifically for this transaction to identify it later 
• Low settlement and delivery risks
• Legally backed transactions
• Gross settlement – no batches
• 24*7 (anytime – anywhere) availability

RTGS vs NEFT

Now, RTGS and NEFT are the two most-preferred methods of bulk amount transfers; however, they come with certain differences.

The table below aims at making it clear to you which one you should go for:

NEFT	RTGS
Settled in batches	Individual and gross basis settlements
Settlement takes an hour to reflect on the bank’s working hours	Real-time (immediate processing – takes maximum of 30 minutes to process)
Limit: Rs. 1 to 2 lacs	Limit - Rs.2 lacs and up
Best for low to mid-volume transactions	Best for high to very high-volume transactions

End Words

So, RTGS is one of the most secure methods of making large fund transfers from the comfort zone of the users. Making the advance for your plot or flat or car or any other luxury items is thus simplified with RTGS transfers.

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