The full form of RTGS is Real-Time Gross Settlement. It’s a method of payment that helps in transferring money instantly. When you do a transaction while using RTGS the money is electronically transferred to the recipient’s account. Here, the term “Gross Settlement” means that the method of transaction used here is an independent one and not the one which follows transactions done in batches. RTGS is a mode of transaction which can be used while doing payments through debit card and also credit card.
What are the specifications and advantages of RTGS?
The RTGS method is really helpful when one needs to transfer money electronically from his or her account to someone else’s account.
- It provides a facility for real-time transfer of money through the internet.
- It’s an utterly safe and protected method of sending and receiving funds.
- RTGS is a totally trustworthy method as it is maintained by the Reserve Bank of India (RBI).
- It is used only when a large amount of money is involved, the minimum amount of money you can transfer through RTGS is 2 lac rupees.
- Fees and costs totally rely on RTGS transaction money.
- The timings of RTGS depend on the bank because it varies from one bank to another.
- RTGS can be done in both ways, you can do it through the internet via net banking and also by personally going to the respective bank.
Uses of RTGS:
Real Time Gross Settlement services are mainly used by people who want to transfer a large amount of money to their bank to another. It’s a very popular and useful way of transaction in cooperations, enterprises, retail establishments etc.
How can an RTGS transaction be done?
You can do RTGS transactions in both ways, i.e. online as well as offline. Now let’s discuss the steps you will need to take after you decided your way of transaction;
- RTGS via bank: To transfer your funds quickly, the very first step you must take is to register yourself for RTGS services on the website of your bank. After that all you have to do is fill the bank and amount related details about the recipient and you are good to go.
- RTGS via online banking: If transferring the money online through net banking is not possible for you, you can still transfer your funds by simply going to the bank and using the Rest Time Gross Settlement services. It’s very simple, just go the nearest bank, fill the form for RTGS services and also provide the details related to bank account of the recipient, fill the amount and pay in cash or cheque.
What specific details are needed for RTGS?
If you want to make your transaction successful via RTGS system, these specific details should be provided at all cost;
- The amount of money which you want to transfer.
- The recipient’s account holder’s name
- Recipient’s account number
- IFS Code of recipient’s bank
- Recipient’s bank name
- Recipient’s bank branch
What is the probability of failure in RTGS transfer?
While RTGS is really helpful and famous way of transferring your funds, but in some very minor cases it can fail. Most people who experience this, have mainly two reasons, one is that they mistakenly filled the wrong details related to the bank account of the recipient and the second reason is they do not have adequate amount of money in their account.
When you are doing the RTGS transfer online, it can be unsuccessful because of technical seasons like server related errors etc. If by any chance you are experiencing that your money is deducted from the bank account but still the transaction is not successful, you need not to worry, because in most of the cases it will be credited to the bank account with the time period of 1 hour and maximum one working day.
Things need to be kept in consideration while using RTGS:
Now as you are aware about the all information related to RTGS like it’s full form, it’s uses, its mode of transaction, amount of money transferrable, etc, so you can use it for your own benefit. But there is one thing you should learn before opting RTGS as your mode of transferring your funds. To make an RTGS transaction, you must have an savings or current bank account and only after that you can request the bank to provide you with RTGS service of transferring funds.
Which Indian banks offer RTGS provision?
Only the banks who are RTGS enabled will be able to provide to the services related to RTGS. HDFC Bank, Axis Bank, Citibank, State Bank of India, RBL Bank, etc are some of the popular banks of our country, that provide the RTGS service. Each and every bank will have different charges and methods etc, so before making the transaction you should inquire about it fully.
What are the ways to resolve the doubts related to RTGS transfer?
This can be done, by contacting the customer care number of the respective bank, you can discuss and resolve all your doubts related to RTGS transfer with the bank executive. You can also contact the bank via email, chatbots etc.
FAQs:
Question 1. Is it possible to do an RTGS transfer beforehand?
Answer. Yes it is possible, you can do that with an RTGS transaction. It can be done three days before the date of the payment.
Question 2. Is it possible to transfer money in the banks outside India via RTGS?
Answer. No, it’s not possible, because RTGS transactions can only be done with the banks who facilitate RTGS service situated in India.
Question 3. How much money can be transferred through RTGS?
Answer. RTGS transactions are only for a really high amount of funds, the minimum amount transferable is 2 lac rupees and there is no limit for maximum.
Question 4. Is it possible to RTGS transfer without using a cheque?
Answer. Yes it is possible. If you don’t have a check, you can do the transaction through a RTGS enabled bank and also can transfer the money through net banking.
Question 5. What is the full form of RTGS?
Answer. Real time Gross Settlement.
