What Exactly Is An RTGS Payment?
Real-timefundsettlementonatransaction-by-transactionbasisismadepossible throughRTGS.Thedigitizationoffinancialserviceshasmademoneytransfersquick andeasy.RTGSisonesuchtechniqueofmoneytransfer.Theterm"real-timegross settlement"(RTGS)refers.WhenyougivetheinstructionsviatheRTGSsystem, moneyisimmediatelytransferredfromyouraccounttothebeneficiary'saccount.
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What exactly is RTGS?
TheRBIdefinesRTGSas"asystemthatprovidescontinuousandreal-time settlementoffundsonatransaction-by-transactionbasis,withoutnetting."Realtimesettlementoffundsreferstotheinstantaneousmovementofmoniesfromthe sourcetotherecipientafteraninstructionisgiven.Inthistransaction,thereisno waitingperiod.Toputitsimply,RTGStransactionsareutilisedforfundtransfers thatneedtobeclearedrightaway.
BecauseRTGSwasdesignedforhigh-valuefundtransfers,manytransactionsare notclubbedtogetherandfundtransferscanbemadeonatransaction-bytransactionbasis.TheReserveBankofIndia(RBI)overseesandmanagestheRTGS systeminIndia.RTGStransfersareirrevocable&finalbecausetheyarerecordedin theRBI'sbooks.
RTGS advantages
Secureandsafemoneytransfers.
Noupperrestrictionontransfersofmoney(eachaccountusermaysettheir ownfunds-transfercap).
Accessibleeveryday,allday.
Fundsaretransferredinstantly.
Nophysicalvisitorpaperisrequired.
Processing cost for RTGS
ProcessingfeesforincomingRTGStransactionshavebeenwaivedasofJuly1,2019. However,theRTGSfeesformoneytransmittedabroadareasfollows:
2to5lakhrupees:upto24.50rupees
greaterthanRs5lakh:uptoRs49.50
Information needed for RTGS
Amount
Nameofbeneficiary
Sendertoreceiverinformation,ifany.
Sourceaccountnumber
Nameofthebeneficiarybank,branchandIFSCcode
The length of an RTGS transfer
IfthemoneywastransferredthroughRTGS,ittakesover30secondsforittoarrive onthebeneficiary'saccount.Intheeventofafailure,themoneyisimmediately returnedtothesource.Theconsumerisentitledtocompensationatthecurrent reporateplus2%intheeventthatthereisanyrefunddelay.
RTGS transfer requirements
TheRTGSfacilitymustbeactivatedonboththesendingbankbranchandthe receivingbankbranchforanRTGStransfertobesuccessful.Over1,65,000bank branchesinIndiacurrentlysupportRTGS,accordingtodatafromtheRBI.The beneficiary'sname,accountnumber,accounttype,bankbranchname,andIFSC mustallbeknowntothesender.
Data required for RTGS payment
Amountthatmustbesent
Theaccountnumberthatwillbeusedtodebitfunds
Bank'snameandlocationinthebeneficiary
Thereceivingbranch'sIFSCcode
Thebeneficiary'sname
Identifierforthebeneficiary'saccount
Informationonthesenderandrecipient,ifany
Legalentityidentifiersforthesenderandrecipient(fortransactionsthat qualify)
How may an RTGS transaction be started?
BothonlineandofflinemodesareavailableforstartinganRTGStransfer.Youmust issuetheinstructionsatyourbankbranchinordertouseofflinemode.Youcan utiliseinternetbankingormobilebankingservicestodothisonline.
Taking precautions before an RTGS transfer
RTGStransactionsarecarriedoutonlyusingthebeneficiary'saccount number.Ensurethatyouprovidethecorrectaccountnumber.
Post-datedtransactionsarenotacceptedbytheRTGSsystem.
How are RTGS transfers tracked?
CustomerslackanymeansoftrackinganRTGStransaction.Toletthereceivingbank knowthatthefundshavebeencreditedtothebeneficiaryaccount,thebeneficiary bankinsteadnotifiesthereceivingbankviaRBI.Inordertoobtainthisinformation, thesendercancontacthisbank.
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