Real Time Gross Settlement (RTGS) is an electronic fund transfer system which is used to transfer money from one bank account to another. By using the internet banking facility, you can easily transfer funds through RTGS on your own. The transactions in RTGS are settled grossly in real-time. Funds will be credited to the beneficiary’s account within 30 minutes.
The minimum amount that can be transferred through RTGS is Rs. 2 lakhs and there is no maximum limit. To initiate fund transfer in RTGS, the remitter should have beneficiary’s name, bank name, IFSC code and account number. In order to make transactions through RTGS, both the banks where the remitter and the beneficiary have their account, should contain RTGS facility.
As the fund transfer in RTGS is controlled by Reserve Bank of India (RBI), the transactions are unchangeable and hence, it is final. Depending on the transaction amount, the remitter will be applied some charges. RTGS is meant especially for large amount transactions. RTGS service will be available only on working days.
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Indian Financial System Code (IFSC) is a unique 11-digit code allocated by Reserve Bank of India (RBI) to each bank branches in India which are contributing to online fund transfer systems like RTGS (Real-Time Gross Settlement), NEFT (National Electronic Fund Transfer) and IMPS (Immediate Payment Service).Find Out More