Full form of RTGS
The full form RTGS is Real Time Gross Settlement.
full form of RTGS- It is called a real-time gross settlement. Full form of RTGS is used to transfer money or valuable paper from one bank to another in real-time and on a gross basis. In simple words, the full form of RTGS is a system that allows an individual and company to transfer funds between two banks within a country. It settles funds individually on an order basis and is commonly used to transfer large Amounts of High Value. RTGS is directly transacted through banking. RTGS systems are typically used for high-value money transactions that require immediate clearing. It is usually operated by the central banks of the countries. It reduces the amount from A’s bank account and adds it to the B’s bank account. RTGS Money Transfer is one of the fastest possible. NEFT is another way to transfer money.
RTGS systems are typically used for high-value money transactions that require immediate clearing. It is usually operated by the central banks of the countries. RTGS Gross Settlement is for the settlement of different funds on the basis of instruction. Here the transaction is not bundled with any other instructions and it is paid only by Receiving. Bank makes typically the payment in the concerned bank account within 30 minutes.
What are RTGS Charges
If there is an Amount Transfer between 2 and 5 Lakhs in RTGS, then it incurs a Service Charge of Rs 25 and Transaction above 5 Lakh is charged at the rate of Rs 50. This arrangement has been made for the transaction of RTGS to Especially large Amounts.
The minimum amount to be transacted through RTGS is 2 lakhs. The amount, less than that, does not have a Transaction. There is no Maximum Amount for Transaction through RTGS.
The transaction time for RTGS is between 08:00 AM to 04:30 Pm in the evening in all working days. It does not do any transaction on this day due to bank holiday on Monday Saturday and 2nd and 4th Saturday in every month.
How to use RTGS
Friends, now the question arises on how RTGS is used. We can use RTGS in two ways, one is the Online method and the other is the Offline method. Friends, you can see full detail about both these methods.
Online Method RTGS
You can use the Online Method in RTGS using Internet Banking. Under this, if you have to transfer funds to a person, you have to add it as Payee or Beneficiary Customer Id in your account where you have to fill all the information about that person and then the bank, the information of that person Checks. It takes about 12-24 hours for the bank to check this information, when the checking process is completely completed by the bank then the beneficiary customer is activated by the bank, after which you will send the beneficiary customer Fund Transfer.
Offline Method RTGS
If you do not know how to use the Online Method in RTGS, then you can use the Offline Method, but for this, you have to go to the Bank Branch and fill a slip in the same way as when you are doing Check Deposits or NEFT. Common forms fill the form. Friends, as soon as you fill the Instruction Slip and Deposits, and after that, the bank adds the information filled in that Instruction Slip to its Central Processing System and then it is sent to RBI as soon as it is added to the Information Central Processing System. is. After this, the RBI completes the entire transaction by processing and debits the Amount from the Sending Bank account and credits that Amount in the account of the bank to which the RTGS has been made.
RTGS Vs. NEFT
Both RTGS and NEFT are used for electronic fund transfer. These two are used for the same reason but there are some differences between them. The basic differences between RTGS and NEFT are RTGS is based on the gross settlement and NEFT is based on Deferred Net Settlement(DNS). The gross settlement means it is based on a one-to-one transaction. While NEFT settlement is base on bunch transaction. So RTGS is faster than the NEFT. NEFT is work on hourly batches and on the other hand, RTGS works on a real-time basis.