The “RTGS” Stands For ‘Real Time Gross Settlement’. It is an electronic payment system managed by Reserve Bank of India that allows the interbank transfer of funds on a real-time and on gross settlement basis.
‘Real-time’: It means that the payment transaction is not subjected to any waiting period. The transaction will be completed as soon as the processing is done.
Gross settlement: It means the money transfer is completed on a one to one basis without
clustering with another transaction.
- Real-Time, within a few minutes.
- Minimum limit of Rs. 2,00,000.
- It can be offered only by RTGS enabled branches.
- Offered on bank working days between 8 am to 4 pm. Monday to Friday and working Saturdays.