RTGS Full Form
RTGS is an abbreviation for Real Time Gross Settlement. The use of RTGS is to transfer the funds from one bank to another on a real time basis means that the orders are handled instantaneously. RTGS Full Form (आर.टी.जी.एस की फुल फॉर्म ) in English and Hindi along with complete details of RTGS fund transfer system is mentioned on this page.
RTGS Full Form
Real-Time Gross Settlement (RTGS) Meaning
RTGS means continuous transfer of money from one bank account to another on individually and order by order basis. As per Reserve Bank of India, ‘Real Time’ means that RTGS start processing as soon as the instruction is received rather than kept it for later time. ‘Gross Settlement’ means that the transaction of funds is settled on individual basis (one-to-one) rather than making any bundling of transactions.
Method to transfer funds through RTGS
There are two ways of transferring of money through RTGS i.e. online mode and offline mode
Online Method for RTGS
The money transfer through online mode can be done with the help of Internet Banking.
- First login to your Net Banking account
- Choose fund transfer option and select RTGS option.
- Choose “Add Beneficiary Option” and add up the details of the person to whom you want to send money such as account number, IFSC Code, account holder name etc
- Wait for 30 minutes, so that Beneficiary’s account will be added up.
- As the beneficiary’s account is added up into your account, then select RTGS and the added beneficiary.
- At last, send as much as amount you want to send.
Offline Method for RTGS
For offline transaction, sender needs to visit the nearest bank branch for taking the RTGS form. For filling up the form, sender needs to know the complete details of the person to whom money has to be transferred as given below:
- Account Number – The person’s bank account number
- Holder Name – The person’s name written on the passbook of their bank account
- IFSC Code – IFSC Code written on the passbook of the person’s bank account
After that mention the amount of money you want to transfer on the form and submit the slip at the bank counter. Within 30 minutes, money transferred will be done from your account.
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Fees and Charges of RTGS Transactions
In this transaction, the bank charges some money for transferring of funds from the sender but recipient bank doesn’t charge any money from the receiver.
|Rs.2 lakh to Rs.5 lakh||Rs.30 per transaction|
|Above Rs.5 lakh||Rs.55 per transaction|
Timings of RTGS Transactions
|Weekdays||9.00 am to 4.30 pm|
|Saturdays||9.00 am to 2.00 pm|
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Why RTGS is required?
The RTGS transactions are mainly used by traders as they need to transfer high amount of transactions related to their business working and for these high transactions, RTGS is best way to transfer funds. Also, investors and common individuals can also use RTGS.
Features of RTGS Transactions
- Safe and secure
- Reliable as RBI is working behind it
- Uses for high value transactions
- execution of transactions is on individual and gross basis
- Funds are transferred on one-to-one basis
FAQs Related to RTGS
Question: What is the difference between RTGS and NEFT?
Answer: NEFT is National Electronics Funds Transfer System in which the transaction of settlement of funds is in batches are netted whereas in RTGS, the transaction of funds is on one-to-one basis.
Question: Can RTGS transactions be settled in advance?
Answer: Yes, the rescheduling of RTGS transactions can be done in advance also.
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Question: Can money be transferred through RTGS at bank holidays and on Sundays?
Answer: No, the service is available only on the working hours of bank.
Question: What is the minimum and maximum limit of RTGS transactions?
Answer: Real Time Gross Settlement transaction is mainly used for high value transactions. The minimum amount of money transfer is Rs.2 lakh and there is no limit for maximum amount.
Complete details regarding Real Time Gross Settlement such as RTGS Full Form, its meaning, How to do RTGS, Timings, charges etc is mentioned on this page of recruitmentresult.com
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