Real Time Gross Settlement System (RTGS)
Transfer – any amount of Rs. 2, 00,000 and above to any Bank/Account Anywhere in INDIA
About RTGS System :-
“RTGS” stands for Real Time Gross Settlement.
RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a “real time” and on “gross” basis.
This is the fastest possible money transfer system through the banking channel.
Settlement in “real time” means payment transaction is not subjected to any waiting period.
The transactions are settled as soon as they are processed.
“Gross settlement” means the transaction is settled on one to one basis without bunching with any other transaction.
Minimum / maximum amount stipulation for RTGS transaction :-
The RTGS system is primarily for large value transactions.
The minimum amount to be remitted through RTGS is Rs.2 lakh. There is no upper ceiling for RTGS transactions.
The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance :-
Amount to be remitted
Account number which is to be debited
Name of the beneficiary bank
Name of the beneficiary customer
Account number of the beneficiary customer
Sender to receiver information, if any
The IFSC code of the receiving branch
Your Bank is one of the few banks in India who has the facility of Straight Through Processing enabled for RTGS. This helps your money to reach its destination in “QUICKEST” time.