What is the full form of RTGS?
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What is the full form of RTGS?
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The full form of RTGS is Real Time Gross Settlement.
RTGS is a type of Electronic Fund transfer system which is used for transfer money from one bank account to another bank account within 30 minutes by using Net banking service.
RTGS system is commonly used for high-esteem cash exchanges that require prompt clearing.
Real-Time gross settlement meaning is the continuous settlement of funds individually or order by order.
Real-Time means - Instructions are processing at the same time when received rather than later.
Settlement means the settlement of funds on an instruction basis.
2 lakh is the Minimum Amount that can be transferred through RTGS and there isn’t any curb for maximum transfer.
RTGS Timing
Monday to Saturday- 7 AM to 6 PM except for 2nd and 4th Saturday.
Processing Charge for RTGS Transaction
Inward transaction
No charges Applicable.
Outward transaction
2lakh to 5lakh Rs24.50/and above 5lakhs Rs 49.50/-
Importance of RTGS
Real-time Fund transfer in the beneficiary account.
It is a hassle-free safe system for online fund transfer.
No Limit for Maximum amount Transfer.
Customers need not visit the bank for depositing money.
