R.T.G.S- Real time gross settlement, The fastet way of money transfer.

One of your company branches in another Location urgently requires sum of Rs 100000.00, with in three to four hours. What will you do? Since your branch is far away it is impossible to send money by hand. One of the useful and fastest ways is RTGS. It is a fund transfer system from one bank to its branch and another bank branch. You can transfer money from your bank to your branch bank account through RTGS within two or three hours.It is faster than NEFT
For transferring money you have to give the following details to your banker.

• Amount to be transferred.
• Name of the beneficiary with his/their bank name & account number and his/their banks IFSC code. IFSC code is found in the cheque book or you can contact banker. In this case it is better to contact beneficiary.
• Your account number in which amount is to be debited.

After receiving request your banker will debit your account with the requested money. And banker will transfer money electronically to the beneficiaries’ bank with all the details. Receiving bank has to credit the amount in beneficiary account with in two hours of the receipt of money. These money transfers take place in RBI books. The payment made through RTGS is final and irrevocable.

The fund receiving branch has to credit the beneficiary account immediately. If amount is not credited in any of the cases the receiving bank has to return the money to sending bank and the sending bank has to reverse the debit entry made to the sender account with immediate effect. You need to send a minimum of Rs 100000.00 for availing RTGS facility. No upper limit is fixed for RTGS. Below 1 lac can be sent through EFT & NEFT.

Before going for RTGS you have to ensure both sending bank & receiving bank are RTGS enabled. RTGS facility is available from morning 9 am to 3 pm on regular days and 9 am to 12 pm. The advantage of RTGS is; Immediate transaction, not subject to any waiting period.