Understand the Real-Time Gross Settlement (RTGS)
Real-Time Gross Settlement, i.e., RTGS, is a money transfer system through which funds can be transferred from one bank account to another in real-time. Let us understand the features of RTGS
● Transactions made via RTGS are processed on an individual basis
● An RTGS structure is accessible at any time, at any time of the year.
● Real-time gross settlement method is mainly used for high-value transactions
● RTGS service can be used in both online and offline mode
To process transactions via RTGS, you must provide the following details
● Amount to be transferred
● Bank Account number
● Beneficiary’s name
● Bank’s branch, IFSC code
RTGS is a safe and secure method of transferring funds as it is managed by the Reserve Bank of India (RBI). RTGS allows the real-time transfer of funds with no additional charges applicable on any transactions made through it. The RTGS services can be accessed 24*7 throughout the year using internet banking.
Before making a payment through RTGS, you must add the beneficiary to your account. To do so, you must provide the beneficiary’s name, bank account number, account type, bank name, and IFSC details. Moreover, the minimum amount that can be transferred via RTGS is Rs. 2,00,000. However, there is no upper limit on the amount that can be transferred via RTGS. Furthermore, to identify a transaction made through RTGS, each transaction is allotted a UTR number, a 22 characters code, unique to each transaction.
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