What is the Full form of RTGS?
RTGS Full Form is Real Time Gross Settlement. RTGS is a real-time and delay-free method for transferring funds. RTGS necessitates Net Payment, which denotes that activities are performed on an individual basis without delay and not in batches. In India, RTGS is one of the quickest methods for transferring interbank funds through online banking. In 30 minutes, the funds are transferred between the two accounts. When transferring funds using the RTGS method, the following details are required:
- The amount of money that will be transferred
- Name of payee and recipient
- Name of payee and receiving institution
- Bank IFSC code of the payee/beneficiary
- Number of the payee or beneficiary’s bank account
The Indian Reserve Bank operates the RTGS money transfer system, making it one of the most well-known and secure methods for transferring funds.
Advantages of RTGS
RTGS is a prevalent method of money transfer in India, with a variety of features. The benefits of using RTGS for money transfers are as follows:
- The Reserve Bank of India manages the RTGS system, a safe and secure method of funding.
- There is no room for delay because all activities are conducted in real time.
- The use of RTGS in India has no geographical restrictions.
- The transfer of funds is very convenient and can be completed from the office or from home.
RTGS Timing And Limit
| RTGS Timing | Monday to Saturday(Leave on 2nd and 4th Saturday) – 8.00 to 4.30 am |
| RTGS Limit | Minimum 2 lakhs to no upper ceiling limit. |
Difference Between RTGS And NEFT
RTGS is an acronym for Real-Time Gross Settlement. Under this system, the beneficiary bank issues transfer instructions directly. Since the payment is gross, each transaction is processed separately. These payments are final and non-refundable.
The primary difference between NEFT and RTGS is that, unlike RTGS, NEFT transfers funds in batches. For this reason, hourly intervals are fixed, and the settlement is assigned to one of these time slots.
