Go to a bank and you would hear the words NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement),IMPS (Interbank MobilePayment Service). These are commonly talked about in banking arena and whenever transfer of money is being talked about. Are they difficult to understand? Even if they are, the below description would make sure you start understanding RTGS mode of payment in detail while getting a glimpse of other modes and proudly know what you are doing with your money, the next time.
What are these three modes? While RTGS and NEFT are quite old now, IMPS relatively is a new mode of payment. In RTGS, the settlement of fund transfer is done in real time while NEFT follows a Deferment Net Settlement(DNS) method of clearing the transactions. NEFT operates in hourly batches and there are 12 batches from 8 am to 7pm on Monday to Friday. There are six NEFT batches on Saturdays from 8 am to 1 pm. While NEFT and RTGS have their stipulated timings, IMPS service can be used 24*7 on all days of the year.
Below are five important things you should know about RTGS:
- The process: In RTGS, the processing of fund transfer instructions is done on real time on order by order basis. This is unlike NEFT, where instructions are treated in batches.
- Min/Max transaction amount:It is the most suitable way of fund transfer for large transactions. While there is no upper limit on the amount that can be transferred through RTGS, a minimum transaction amount of 2 lakhs is required for RTGS method to be used for fund transfer.
RTGS charges:
Rs 2 lacs – 5 lacs - INR 25 + Service Tax
Above INR 5 lakhs – INR 50+ Service Tax
RTGS timings: RTGS can be done between 08:00 am to 04:00 pm from Monday to Friday. On Saturdays (excluding second and fourth), it can again be done from 08:00 am to 04:00 pm. There is no RTGS possible on Sundays and all bank holidays.
Is it real time? Yes, the beneficiary bank receives the amount in real time from the remitting bank. Post this, the beneficiary bank must credit the account of beneficiary within 30 minutes.
Do you still have doubts? Has your RTGS transaction gone wrong with your bank? Are you looking for a suitable remedy? Visit www.BankingComplaint.comportal and get guidance to all your queries and ways of resolution to not only to your RTGS transaction complaints but any other thing related to your bank.
