Now you get an extra hour to transfer funds via RTGS starting as early as 7 am
The new timing starts from 7 am to 6 pm. The minimum amount one can transfer via RTGS is Rs 2 lakh
The Reserve Bank of India (RBI) has given you one extra hour from today to do Real Time Gross Settlement (RTGS) transactions. Now, you can transfer funds through the RTGS system, which has a minimum transaction amount of Rs 2 lakh, right from 7 am to 6 pm. Earlier, RTGS system could be used from 8 am.
“In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am,” a RBI notification said. The new RTGS timings come into effect from 26 August 2019.
Additional read: Funds transfer: What are NEFT, RTGS and IMPS?
Under the new RTGS timing window, business opens at 7.00 am. Customer transactions can be done up to 6.00 pm, that being the initial cut-off.
For inter-bank transactions, the final cut-off is 7.45 pm. End of day is 8.00 pm.
The RTGS system is meant for high-value transactions starting from Rs 2 lakh to any amount.
In the RTGS fund transfer, the beneficiary bank gets the instruction to transfer funds immediately when you carry out the transaction. The transfer is instantaneous. There is no upper or maximum ceiling for RTGS transfer.
With effect from July 1, 2019, the Reserve Bank has waived the processing charges levied by it for RTGS transactions. Banks may pass on the benefit to its customers.
Inward RTGS transactions – Free, no charge to be levied.
Outward RTGS transactions – Rs 2,00,000/- to Rs 5,00,000/- : not exceeding Rs 25/-; Above Rs 5,00,000/- : not exceeding Rs 50/-.
Banks may decide to charge a lower rate but cannot charge more than the rates prescribed by RBI.
You may recall that the RBI recently had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT), a system for payments up to Rs 2 lakh. The 24X7 fund transfer via NEFT would be from December this year
At present, the NEFT is available for customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays of a month.
Have a question about RTGS? Read answers to commonly asked queries here – https://m.rbi.org.in/Scripts/FAQView.aspx?Id=65
Staff Writer
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