Today we will learn about RTGS in this article. What is RTGS? (What is RTGS in 2022), What is the full form of RTGS? How to use it? Its benefits and importance? How does RTGS work? What is its use? e.t.c. You will get complete information about RTGS in this article.
What is RTGS? (What is RTGS)
RTGS is a fast and secure method of payment service. It is a banking payment system service, through which transactions are done in real time. It does this work only on real-time basis, but it takes 30 minutes to complete the transaction. It is used to transfer large funds.
In this, there is no need to wait for the approval of another bank for fund transfer. And without any waiting period, funds can be sent to any other banks through RTGS. RTGS Payment System Service is maintained by Reserve Bank of India. This service is considered to be the fastest and safest for large fund transfers.
The acronym 'RTGS' stands for Real-time Gross Settlement. The Reserve Bank of India (Central Bank of India) maintains this payment network. Real-time gross settlement is a fund transfer mechanism where money is transferred from one bank to another on a 'real time' and 'gross' basis. - Wikipedia
Through this, any person can send money from any one bank of India to another bank. It is specially used to transfer only large amount. In this, the minimum transfer limit is 2 lakhs, below which money cannot be sent through it. If you want to transfer less than this amount, then you have to use NEFT. - What is NEFT? How to use it?
In this, you can transfer as much money as you want above 2 lakhs. There is no maximum limit in this. Until your bank branch fixes the limit for you, you can transfer as much as you want above 2 lakhs. In this, the settlement of funds is maintained by RBI and every transaction is recorded in their books or records. So that after the transaction is successful, it cannot be done again.
What is the full form of RTGS?
The full form of RTGS is "Real Time Gross Settlement".
RTGS - Real Time Gross Settlement
RTGS Full Form in 2022
The full name of RTGS is "Real Time Gross Settlement" in 2022.
RTGS - Real Time Gross Settlement
What are the advantages of RTGS?
- Money can be transferred in real-time through RTGS.
- It is mainly used for large fund transfers.
- There is no maximum limit for transferring money in this, which can transfer more than 2 lakhs.
- It is very fast, safe and secure.
- Immediate clearing takes place in this.
- RTGS can be done both online and offline.
- More funds can be transferred immediately without any paper process.
- It is managed by RBI, so it is very reliable.
How to use RTGS?
Transferring money through RTGS is very easy. That is, using RTGS is very easy. For this you need to have a bank account. You can have an account with any bank in India. It can be used both online and offline. We can also do RTGS through online net banking and can transfer money through it offline by going to the bank.
To do RTGS online, it is necessary to activate internet banking in your bank account. To activate internet banking, you can contact your bank branch or you can also activate it yourself through online ATM card. After internet banking is activated, you get a username and password, through which you are able to access your account online.
So log in to net banking with your username and password and go to Fund Transfer and select RTGS option. After that enter some of the required information asked. Eg :- Beneficiary Name, Account Number, Branch Name, IFSC Code, etc. After this, transfer the money by submitting it and entering the OTP sent on the registered mobile number.
If you are not able to do online, then you can also transfer money offline through RTGS. For this you have to go to the branch of your bank. RTGS form has to be obtained from the branch. After this, enter all the information asked in the form, your bank details and beneficiary's bank details.
Make sure to re-check the form once again. And if all the information is correct, submit the form to the bank officer or employee. After which the bank will debit the money from your account and credit the money to the beneficiary's account.
How to transfer money through RTGS?
We can do RTGS in two ways, online and offline. Both the methods are very easy, just you should know its process. Let's learn, how to transfer money in both the ways. Below we are telling the complete process step by step to transfer money in both the ways.
How to transfer money through RTGS online?
- Internet banking facility has to be activated for doing RTGS online. To activate, contact the bank branch, or activate online through an ATM card.
- Now go to the official website of your bank
- Go to Internet Banking Option and Log in using Username, Password.
- Go to the fund transfer section and add beneficiary first.
- After that go to inter-banking payment option and select RTGS.
- Enter the required information asked to add the beneficiary like - name, account number, address, IFSC code, etc.
- After that confirm, and enter OTP on the registered mobile number.
- You have to wait till the added beneficiary is approved by the bank. It can do 30 to 40 minutes.
- Once the beneficiary's account is approved by the bank, the money can be transferred immediately.
- Go to Fund Transfer and select Inter Bank Transfer option.
- In transaction type, select RTGS from RTGS / NEFT / IMPS.
- Select the added beneficiary from the list.
- Enter the amount you want to transfer.
- Now click on the fund transfer or submit button and transfer the money.
How to transfer money through NEFT offline?
Money can also be transferred offline by visiting the bank branch through RTGS. If internet banking facility is not activated in your bank account, then you can easily transfer passi offline also. Let's learn :-
- To transfer money offline, first visit your bank branch.
- After that get the RTGS form from the bank.
- Enter all the information asked in the form. Eg :- Name, Account Number, Branch, IFSC Code, etc.
- In the beneficiary of the form, you have to write the bank information of the person to whom the money is to be transferred. And write the amount you want to transfer.
- Above you will get the option of NEFT and RTGS, in which you have to tick on RTGS.
- After filling the form, re-check all the information once.
- Submit the form to the officers or employees of the bank who do RTGS.
- Bank officials, after verifying all the details, will debit the money from your account.
- And after completing the further process, will transfer to the beneficiary's account.
How much money can be transferred in RTGS? - RTGS Limit
There is a minimum limit set by the RBI (Reserve Bank of India) for transferring money through RTGS. Accordingly, you cannot transfer funds less than the prescribed minimum limit. If you want to transfer money through RTGS, then you have to take special care of this.
The minimum limit for transferring funds through RTGS is Rs 2 lakh. You cannot transfer the amount less than this through RTGS. And there is no maximum limit in this. That is, in a day you can transfer an amount of Rs 2 lakh or more to any account through RTGS.
What are the charges for RTGS? - RTGS Charges
Yes, some fees are charged by the bank for doing RTGS. The money that is charged in the form of Transaction Fees may be different for different banks. And it also changes from time to time by the bank. Here we are telling you the RTGS Transaction Charges of April 2021. Before you do RTGS, once you must know about the transaction charges from your branch.
| Amount | Transaction Charge |
|---|---|
| 2 lakh to 5 lakh | Rs. 25 + GST |
| more than 5 lakhs | Rs. 50 + GST |
Note: - Transaction Charges may vary from bank to bank. This is the charge for most banks. Whenever RTGS is done, first of all check the RTGS charges of your bank, or go to the branch to find out.
What is the difference between IMPS and RTGS?
| IMPS | RTGS |
|---|---|
| Its full form is Immediate Payment Service. | Its full form is Real Time Gross Settlement. |
| It is managed by NPCI (National Payments Corporation of India). | It is managed by RBI (Reserve Bank of India). |
| IMPS has been launched on 22 November 2010. | RTGS has been launched in India in December 2005. |
| In this, funds are transferred in real-time. | It also works on a real time basis, but it takes 30 minutes to transfer funds. |
| IMPS works 24X7, 365 days. Through this you can transfer money anytime. It is also available on bank holidays. | Earlier there was a time limit for transferring money in RTGS. But its deadline has been ended by RBI in December 2020. |
| In this, the limit of daily transactions has been fixed from Rs 1 to Rs 2 lakh. | There is no minimum limit of Rs 2 lakh and no maximum limit. |
| In this, the charges for transferring money range from Re 1 to Rs 15. Charges are determined by the bank, so different banks may have different charges. | In this, the charges for transferring money range from Rs 25 to Rs 50. |
What is the difference between NEFT and RTGS?
| OIL | RTGS |
|---|---|
| In this, you can send from 1 rupee to 10 lakh rupees. | In RTGS, money cannot be transferred less than 2 lakhs, in which at least 2 lakhs or more funds are transferred. |
| In this, it takes about 24 hours for the fund transfer to happen i.e. to complete the transaction. | Funds are transferred in half an hour (30 minutes). |
| It works on Hourly Batches. | It works on Real Time System. |
| In this, not more than 10 lakh funds can be transferred. | You cannot send money less than 2 lakhs in this. |
| This is a slow method of transferring funds. | This is a fast method of fund transfer. |
| In this transaction charges are less than RTGS. | In this transaction charges are more than NEFT. |
| In this, money can be transferred both online and offline. | Money can also be transferred through RTGS both online and offline. |
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