April 26, 2023

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 247365, 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 247365. 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.

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

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

ICICI Bank Statement - How to Download, Get, & Check it Online from Net Banking

ICICI Bank Statement ICICI Bank is one of the largest private sector banks in India, offering a wide range of banking and financial services to its customers. One of the important documents provided by the bank to its customers is the ICICI bank statement. A bank statement is a document that shows all the transactions made on a customer's account over a certain period of time. It includes details such as the date of the transaction, the type of transaction, the amount involved, and the balance in the account after the transaction. Customers can assess ICICI Bank statement online through the bank's internet banking portal, or it can be requested in paper form by visiting a branch. It is important for customers to regularly review their bank statements to ensure that all transactions are correct. This can help customers detect any suspicious activity, such as unauthorized transactions or fraud. Additionally, bank statements may be required for certain financial transactions, such as applying for a loan or mortgage. In these cases, the bank statement acts as proof of income and can be used to assess the customer's creditworthiness. The ICICI Bank statement also includes other important information such as account number, account holder's name, and contact details. It also shows the account type and the interest rate applicable on the account. This can help customers understand the details of their account and make informed decisions about how to manage their money. Customers can request for a bank statement in a variety of formats, including paper, electronic or even through email. ICICI Bank statement download can easily be done and saved for future reference. Customers who opt for paper statements will receive them in the mail and can keep them for their records. In case of any discrepancy or error in the statement, customers can contact the bank and request for an investigation. The bank will look into the matter and take appropriate action. It is important for customers to report any errors or discrepancies as soon as possible to prevent any further complications.

Indian Bank Balance Enquiry Toll Free Number and How to Check

| SMS Banking | BALAVL to 94443-94443 | | --- | --- | | Missed call | +91 8108781085 | Are you trying to keep track of your balance at Indian Bank but need help figuring out how to do it? By the end of this post, you'll know exactly how to check your balance and stay on top of your financial situation. So, let's get started!

How to Check Canara Bank Mini Statement Via Missed Call, Number & Mobile Banking

| Get Canara Bank Mini Statement by Missed Call | 09015734734 | | --- | --- | A shortened account statement, a so-called "mini-statement," shows your last credits, debits, and deposits. The Canara Bank Mini Statement is available to all checking and savings account holders. Account holders do not need to go to a branch or ATM in person to obtain a small account statement. They can quickly retrieve a mini-statement for their Canara Bank account through a missed call service or mobile banking app and various other options offered by the bank. In this article, you can learn about the different ways to get a mini-statement for your Canara Bank account. The ways include via missed calls, net banking services, mobile banking, e-passbook application and with the help of an ATM. Then we will be talking about how to register a phone number with Canara bank. Lastly, we will be talking about why you should use Canara bank mobile banking. Let's discuss these methods in detail now!

Indian Bank Balance Enquiry Number

| Indian Bank Balance Check Number (Toll-free) | 1800 4250 0000 | | --- | --- | | SMS Banking | 94443-94443 | | Missed call | 8108781085 | It's crucial to keep an eye on your bank balance because it helps you track your expenses and the effectiveness of your financial planning. Furthermore, by monitoring the bank balance, you can keep track of all transactions and spot any irregularities or frauds. If you have an account in Indian Bank and wish to check your bank balance, there are myriad ways. This article discusses Indian Bank and how you can check your balance.