All Days Except National Holidays(08:00 AM To 08:00 PM)
Ans. The acronym 'RTGS' stands for Real Time
Gross Settlement, which can be defined as the continuous (real-time) settlement
of funds transfers individually on an order by order basis (without netting).
'Real Time' means the processing of instructions at the time they are received
rather than at some later time; 'Gross Settlement' means the settlement of
funds transfer instructions occurs individually (on an instruction by
instruction basis). Considering that the funds settlement takes place in the
books of the Reserve Bank of India, the payments are final and irrevocable.
Ans. NEFT is an electronic fund transfer
system that operates on a Deferred Net Settlement (DNS) basis which settles
transactions in batches. In DNS, the settlement takes place with all
transactions received till the particular cut-off time. These transactions are
netted (payable and receivables) in NEFT whereas in RTGS the transactions are
settled individually. For example, currently, NEFT operates in hourly batches.
[There are twelve settlements from 8 am to 7 pm on week days and six
settlements from 8 am to 1 pm on Saturdays.] Any transaction initiated after a
designated settlement time would have to wait till the next designated
settlement time Contrary to this, in the RTGS transactions are processed
continuously throughout the RTGS business hours.
Ans. The RTGS system is primarily meant for
large value transactions. The minimum amount to be remitted through RTGS is 2 lakh. There is no upper ceiling for RTGS
Ans. Under normal circumstances the
beneficiary branches are expected to receive the funds in real time as soon as
funds are transferred by the remitting bank. The beneficiary bank has to credit
the beneficiary's account within 30 minutes of receiving the funds transfer message.
Ans. The remitting bank receives a message
from the Reserve Bank that money has been credited to the receiving bank. Based
on this the remitting bank can advise the remitting customer through SMS that
money has been credited to the receiving bank.
Ans. Yes. Funds, received by a RTGS member
for the credit to a beneficiary customer’s account, will be returned to the
originating RTGS member within one hour of the receipt of the payment at the PI
of the recipient bank or before the end of the RTGS Business day, whichever is
earlier, if it is not possible to credit the funds to the beneficiary
customer’s account for any reason e.g. account does not exist, account frozen,
etc. Once the money is received back by the remitting bank, the original debit
entry in the customer's account is reversed.
Ans With a view to rationalize the service
charges levied by banks for offering funds transfer through RTGS system, a
broad framework has been mandated by RBI. Please refer to the RBI site for
details pertaining to service charges for RTGS Transactions
Ans. The remitting customer has to furnish
the following information to a bank for initiating a RTGS remittance:
Ans. The beneficiary customer can obtain the
IFSC code from his bank branch. The IFSC code is also available on the cheque
leaf. The list of IFSCs is also available on the RBI website. This code number
and bank branch details can be communicated by the beneficiary to the remitting
Ans. No. All the bank branches in India are
not RTGS enabled. Presently, there are more than 100,000 RTGS enabled bank
branches. The list of such branches is available on RBI
Ans It would depend on the arrangement
between the remitting customer and the remitting bank. Some banks with internet
banking facility provide this service. Once the funds are credited to the
account of the beneficiary bank, the remitting customer gets a confirmation
from his bank either by an e-mail or SMS. Customer may also contact RTGS / NEFT
Customer Facilitation Centers of the banks, for tracking a transaction.
Ans. For a funds transfer to go through RTGS,
both the sending bank branch and the receiving bank branch would have to be
RTGS enabled. The lists are readily available at all RTGS enabled branches.
Besides, the information is available at RBI website
(http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0815.xlsx). Considering that
more than 110,000 branches at more than 30,000 cities / towns / taluka places
are covered under the RTGS system, getting this information would not be