RTGS money transfer timing changed. From today, you can make Real Time Gross Settlement (RTGS) money transfer round the clock.
RTGS money transfer time: From today, you can make Real Time Gross Settlement (RTGS) money transfer round the clock. This has been allowed by the Reserve Bank of India to boost the adoption of digital payments in India. In its ‘Statement on Developmental and Regulatory Policies’ in October this year, the RBI had announced that RTGS facility will be available 24×7 from December 2020 on all days. With the start of the new facility, India has become one of the few countries in the world with a 24x7x365 large value real-time payment system.
Transfer limit
With RTGS, you can transfer funds over Rs 2 lakh instantly. There is no upper limit for RTGS transactions in. However, the minimum amount you can transfer is Rs 2 lakh with the help of RTGS facility 24×7.
What RBI said
The central bank had said in a statement in October, “In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The large-value RTGS system is currently available for customers from 7.00 am to 6.00 pm on all working days of a week (except 2nd and 4th Saturdays of the month).”
“To support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India’s efforts to develop international financial centers and to provide wider payment flexibility to domestic corporates and institutions, it has been decided to make available the RTGS system round the clock on all days. With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system. This facility will be made effective from December 2020,” it added.
SBI RTGS limit
The State Bank of India (SBI) allows a minimum RTGS transfer of Rs 2 lakh and a maximum Rs 10 lakh for retail internet banking customers. ‘
For corporate internet banking customers, SBI allows maximum Rs 2000 crore transfer per transaction. There is no upper limit on the amount that can be transferred by a corporate internet banking customers.
The beneficiary bank branch receives the amount in real-time as soon as the funds are transferred yby the remitting bank. The beneficiary bank has to credit the beneficiary account within two hours of receiving the funds transfer message.
