Thursday, January 21, 2010


This is the fifth post in the series of Jargons of Online Banking.

  • RTGS stands for Real Time Gross Settlement.

  • It is a fund transfer mechanism where money transfer takes place from one bank to another without any waiting time or in real time. Transactions are settled as soon as they are processed.

  • It is primarily for large amounts, where minimum amount is supposed to be Rs 1 Lakh.

  • RTGS transfers can be initiated anytime between 9 AM to 4:30 PM on weekdays and 9 AM to 12:30 PM on Saturdays.

  • Receiver of the funds has not to pay any charges. Sender might be charged up to Rs 25 for funds transfer up to Rs 5 Lakhs and up to Rs 50 for funds transfer requests exceeding Rs 5 Lakhs.

  • Not all the banks are yet supporting RTGS; latest list can be found at RBI's site.
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