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

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

A bank statement is a document that is issued by a financial institution, typically a bank or credit union, that shows all of the transactions that have taken place on an account during a specific period of time. This period of time can vary depending on the institution, but it is typically monthly or quarterly. The statement will show all deposit and withdrawal transactions, including checks written, automatic payments, and electronic transfers. The statement also includes a running balance, which shows the account holder the current balance of their account, as well as any interest earned during the statement period. Bank statements are important for tracking one's financial activity, reconciling account balances, and identifying any unauthorized transactions. They are usually available online and can be downloaded, printed, or emailed to the account holder. They serve as a record of financial activity and are often required for financial planning, tax preparation, and during audits.

What is Cheque Leaf and How to Cancel & Write: Meaning & Filling

The Cheque leaf is a basic and primary instrument for every account holder. The moment one opens a bank account, the bank provides every holder with a chequebook. This chequebook is a compilation of instruments referred to as cheque or cheque leaf. This cheque leaf is used to make payments to various individuals, Institutions and organizations.

HSBC Net Banking in India: Login, Registration, & Activation Online

HSBC Netbanking in India has emerged as one of the most popular and reliable banking services in the country. It provides a safe and secure platform for customers to manage their banking needs. With the help of this net banking service, customers can access their accounts, transfer funds, pay bills, request services and even get a statement of accounts. Customers can also apply for loans and access other services such as credit cards and investments. HSBC Netbanking is easy to use and provides customers with quick access to banking transactions. It is also secure, with two-factor authentication and advanced encryption technology for maximum security. With its wide range of services, HSBC Netbanking is an ideal choice for those who want to make their banking activities convenient and hassle-free.

How to Fill DCB Bank RTGS Form

- Do you want to make a big ticket fund transfer of ₹2 lakh and above quickly, safely, economically? - Do you want to make this big ticket fund transfer to the beneficiary who holds an account with another bank? - Wouldn't it be super convenient to you, if you could make this big ticket fund transfer, everytime ( 247365), everywhere, events on bank holidays and weekends? RTGS, (Real Time Gross Settlement System) payment gateway is the answer to your fund transfer needs. Backed by the RBI, payments of ₹2lakh and above can be done electronically from one bank account to the other on a real time basis, 247365, within a span of just 30 minutes. As a non- revocable payment gateway, with no minimum threshold limit, this facility can be availed by both retail and corporate customers by simply filling up form via internet or mobile, free of charge or through a visit to your branch, at a nominal service charge.