What are the RTGS Timings?

Given the need for speed in an increasingly digitised world, the banking ecosystem too continues to keep abreast with the changing times, with faster processing of your transactions without compromising on the safety aspect of the transaction. 

Can I transfer funds via the RTGS payment gateway in the middle of the night?

Yes, as per RBI's revised circular, from December 1, 2020, the service is now available 24*7*365, even during the night.

While most banks are 24*7 enabled, few have a cut off time, which is usually between 11.30 PM to 00:30 Am. However, if you seek to avail these services,  offline,  through a branch, different entities have maintained their schedule. 

Broadly speaking, the timings are:

• Monday to Friday from 10 AM To 3:30 PM
• Saturday ( excluding 2nd and 4th)  from 10 AM To 3:30 PM.

Customers, both retail as well as corporate, can transfer big ticket/ high value amounts of ₹2 lakh (minimum threshold limit) and above urgently to the payee's  account within 30 minutes through a safe and secure payment gateway, thus eliminating the possibility of losses, thefts, or fraudulent encashment of money.

How does the revised timings compare with the earlier timings?

Prior to December 1, 2020, as per the RBI guidelines,  the payment gateway was available for processing the transactions from 7.00 am to 6.00 pm on all operational weekdays, except second and fourth Saturdays of every month.

Since December 1, 2020, as per the RBI's revised circular, the payment gateway can be accessed by customers 24*7*365. Most entities in India are RTGS enabled and follow this processing  timeline, except some,that have a few hours  as cut- off time.

As empirical evidence, let us take a look at the e-channel timing of a few leading financial institutions in India.

1. Institutions that offer  24x7 facility

• ICICI Bank
• Punjab National Bank
• Standard Chartered Bank
• IndusInd Bank
• Offer 24x7 facility, except for sometime due to cut- off
• HDFC Bank-available 24x7 (except between 11.30 PM to 00:30 AM.
• Citibank- available 24x7, except , between midnight and 4 AM
• SBI- available 24x7, except between 11.50 PM to 00:30 AM.
• Kotak Bank-available 24x7, except between 11.30 PM to 00:30 AM 
• Have specific timings
• RBL Bank- Monday to Saturday till 5.30 pm, except the 2nd and 4th Saturday.
• Axis Bank-8.00 am to 6.30 pm
• Bank of Baroda- 9.00 to 16.15 hours on weekdays and 9.00 to 13.15 hours on Saturday.

A few important points to note are:

• All  transactions, as per the RBI's mandate, have to be cleared within 30 minutes from the time it has been initiated by the customer.
• The sender as well as the beneficiary will receive a confirmation SMS from their respective banks, once the fund transfer is completed.
• Before you seek to transfer funds to your beneficiary's account, always remember to check if:
• Both your banks are RTGS- enabled.
• You both are aware of the bank's cut-off time limit.
• You have thoroughly checked  your beneficiary's account details such as account number, IFSC code etc.
• In case you wish to access the online channel, you and the beneficiary must have a netbanking account.

Frequently Asked Questions (FAQs):

Q. What does real time and gross imply in the RTGS acronym?

Real time Gross Settlement ( RTGS) as the name indicates, is an RBI backed payment gateway wherein the settlement of payments occurs on real time basis, with the amount being transferred to the payee's  account within a span of 30 minutes from the initiation of payment.

The faster processing time is also due to the settlement process, as the fund transfer amount is  settled individually, on a gross basis, without netting, rather than in batches, as in the case of the  NEFT payment gateway.

Q. Is there any maximum and minimum threshold limit for RTGS transactions?

The minimum threshold transaction amount is ₹2lakh. On the other hand, there is no maximum limit on the transaction amount.

Q. Is there any transaction fee for availing such services?

This facility can be availed free of charge if executed online, with effect from July, 2019.

However, if fulfilled  via a bank branch, a nominal service charge ( maximum amount capped by the RBI)  is levied on the sender as the payee is not liable to pay any service charge.

Amount                         Service charge*

₹2 Lakh – ₹5 Lakh         upto ₹24.50+GST

₹5 Lakh & above           upto ₹49.50+ GST

*The service charges (₹24.50 and ₹49.50 ) per transaction is capped by the RBI.

Institutions may charge service fees lower than the capped amount.

Q. How do I find out which banks are RTGS-enabled?

You can source the comprehensive list from the RBI's official website, http://m.rbi.org.in

Q. Can I delete or undo my fund transfer via this payment gateway?

It  is very important to always check and recheck the payee's  account details and the amount to be transferred as  such payments are non-revocable and final. 

Q. Is there any grievance redressal mechanism in place? How do I resolve any issue that I may face with my transactions?

It is possible that your transaction may not get processed within the mandated time due to a number of reasons such as erroneous credentials of the beneficiary, frozen account etc.

Typically, the funds that have been debited from your account are reversed within an hour or before the end of the closing time, whichever is earlier.

In case you witness inordinate delay or have some specific query, then as a first measure, you may contact your bank branch help desk.

As a further step, you could enquire with the customer care desk at RBI at the following address.

The Chief General Manager

Reserve Bank of India

Customer Service Department

1st Floor, Amar Building, Fort

Mumbai – 400 001

Or you may  email at cmgcsd@rbi.org.in