April 26, 2023

What is the RTGS Full Form?

  • An over budgeted hotel stay- need funds at an odd hour and that too on a holiday to foot the bill.
    • Medical emergency- need funds to foot the hospital bill.
    • Last minute buy from the duty free shops at the airport- need funds to buy surprise gifts for the family**.**
    • As a corporation, I need to make large value and regular fund transfers to employee salary accounts and payment to vendors and other channel partners etc.
In all the above situations, you can utilise the payment gateway backed by the RBI, to transfer funds electronically from one bank account to the other on a real time basis using RTGS, Real Time Gross Settlement facility.
Available, everytime ( 247365), everywhere, you can transfer amounts of ₹2 lakh (minimum threshold limit) and above and the amount would reflect in the beneficiary's account within 30 minutes through a safe and secure payment gateway, thus eliminating the possibility of losses, thefts, or fraudulent encashment of funds**.**
It is important to note that while there is a minimum threshold amount limit, there is no maximum limit for amount transfer and that all RTGS payments are non-revocable and final.
This facility can be availed by both retail and corporate customers and the RTGS fund transfer can be done electronically ( internet or mobile), free of charge or through the bank branch, at a nominal service charge ( maximum amount capped by the RBI) which is to be borne by the sender. The beneficiary 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 RTGS transaction is capped by the RBI.
Banks may charge service fees lower than the capped amount.

Let us understand the nuances of the RTGS payment facility-

To transfer funds through the netbanking channel you must begin by registering yourself for RTGS services via the bank's official web portal.
You can enter the RTGS details of the beneficiary, the fund transfer amount and then validate the payment.
In case you don't have a netbanking account, you could avail the RTGS facility by visiting your bank branch, fill up the RTGS form with the beneficiary details and pay the amount in cash or cheque to the bank.
You need to fill in the following fields for fulfilling the fund transfer:
  • The exact fund transfer amount
    • Beneficiary details in terms of name, account number, IFSC Code, Beneficiary bank name and bank branch.

Frequently Asked Questions (FAQs):

Q. What is the difference between RTGS and NEFT?

As the name indicates, RTGS fund transfers are settled instantly across banks on an individual and real time basis. It does not net debits with credits, covering the books of a central bank.
However, in case of NEFT services, fund transfers are settled in batches of half an hour i.e. in 48 hourly batches, every day from 12:30 AM to 12:00 AM.
In case of NEFT, there is no minimum or maximum threshold limit on the amount to be transferred, while RTGS transfers have a minimum limit of ₹2 Lakh per transfer.
While NEFT transfers take about 2 hours to fulfil, RTGS fund transfers are relatively quicker with fulfilment within 30 minutes.

Q. What happens if for some reason the RTGS Transfer Fails?

If for some reason the RTGS transfer fails, perhaps due to erroneous data feed or
insufficient funds in your account or perhaps technical glitch, in case the money has been debited from the sender’s account, it is usually credited back to the account within an hour or maximum of one working day.

Q. Which Banks in India Provide RTGS Facility?

As per the RBI, Thirty-two out of the 72 banks, are participants in RTGS system, which offer customer related RTGS fund transfer services through 840 branches in 134 major centres across the country.
The list of banks can be availed from www.rbi.org.in

Q. Is it possible to schedule an RTGS transaction in advance? What is the lead time?

Yes, you can schedule an RTGS transaction in advance. It can be done three days prior to the payment date.

Q. Can RTGS service be used to transfer money to foreign banks?

No, the RTGS system of payment can only be availed from banks located within India.

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

What is Accounts Payable: Meaning, Process, Examples, Cycles, & Entry

Accounts payable means any amount that a business owes to its vendors. When a company buys goods or services on credit from a supplier, they usually don't make payments immediately. It's due in 30 days, 60 days, or in certain situations much longer. Late payments or defaults happen when sums due to suppliers and other third parties are due. This is why it is important to keep track of these payments. Get all the details in the following sections below.

SBI UPI App

- Do you seek to make cashless payments at a PoS without the need to expose your debit/credit card details? - Are you equally reluctant to share your bank details such as account number, IFSC code while making or receiving payment? - Do you seek an alternative mode of instant cashless payment without the need to set aside some funds on a mobile wallet? - Are you looking for a cashless fund transfer channel that is instant, safe, secure, economical and that can be accessed every time, everywhere? - Are you the ' not so tech-savvy' kind in an increasingly digitised world and are seeking a simple, easy-to-understand process to execute cashless transactions? UPI, unified payments interface is the answer to your unmet needs. With just a single-step process, by simply using your smartphone to download the mobile payment app, an account with a UPI member bank, and a virtual id of the recipient, you can send funds instantly, free of charge, every time, everywhere within India. All you need is to just enter the beneficiary's mobile number, Aadhaar number, or Virtual Payment Address (VPA) to transfer funds. Each single UPI transaction has a maximum threshold limit of ₹1 lac. Developed by NPCI, National Payments Corporation of India (NPCI), and governed by the RBI, this parent entity is the reckoning force behind accelerating the pace of retail digital payment within India.

Union Bank Balance Check Number - By ATM, SMS, Net Banking

| Union Bank Customer Care Number Balance Check Toll-Free | 1800-22-2244 | | --- | --- | | Union Bank Of India Balance Inquiry via SMS | 09223008486 | | Union Bank Of India Balance Check Number Missed Call | +91 9223008586 | One of India's best banks is the Union Bank of India (UBI). It sets a standard by providing top-notch banking services to all enrolled individuals. Outstanding service recognition and technology developments have helped the Union Bank of India become more well-known. Customers can easily check their account balances using the online banking and mobile banking services offered by Union Bank of India. Customers can also use Union Bank of India's Missed Call, SMS Banking Service, and other options to check their balance. Account holders who have registered their cellphone numbers have access to phone and mobile banking features, which allow them to rapidly check their available balance and inquire about it. This article outlines everything you need to know about union bank balance check numbers and how to check the union bank account balance. Let's take a look.

How to Block SBI ATM Card

The first thing you should do after losing your State Bank of India (SBI) ATM card is to deactivate or disable your debit card. Additionally, you should look for any abnormal activity made with your lost debit card in your account. Furthermore, to ensure that no fraudulent purchases occur with your card, make sure you've blocked it. If you are unsure how to deactivate or block your SBI Debit Card, you have come to the right spot. This page provides a thorough summary of everything you need to know.