RTGS: Have to heard of this acronym ????
Yes, this is very much used in Banking Field, and a fastest possible way of Money Transfer through the Banking channel in comparison to EFT ( Electronic Fund Transfer System) and NEFT (National Electronics Funds Transfer System) .
RTGS – stands for Real Time Gross Settlement . RTGS system is a funds transfer mechanism, where money transfer takes place from one bank to another bank on a “real time” and on a “ Gross” basis , and transfer takes place in the books of the Reserve Bank of India (RBI) .
Real time means -payment transaction is not subjected to any waiting period and is settled as soon as they are processed in Gross settlement without bunching with any other transaction . Since money transfer takes in RBI , the payment is considered as Final and Irrevocable.
Minimum amount to be remitted through RTGS is Rs. 1 lakh and maximum transaction time is 2 hours. Not all Bank Branches in India are RTGS enabled. Nearly 26000 Bank Branches in India have this facility of Fund Transfer.
Yes, this is very much used in Banking Field, and a fastest possible way of Money Transfer through the Banking channel in comparison to EFT ( Electronic Fund Transfer System) and NEFT (National Electronics Funds Transfer System) .
RTGS – stands for Real Time Gross Settlement . RTGS system is a funds transfer mechanism, where money transfer takes place from one bank to another bank on a “real time” and on a “ Gross” basis , and transfer takes place in the books of the Reserve Bank of India (RBI) .
Real time means -payment transaction is not subjected to any waiting period and is settled as soon as they are processed in Gross settlement without bunching with any other transaction . Since money transfer takes in RBI , the payment is considered as Final and Irrevocable.
Minimum amount to be remitted through RTGS is Rs. 1 lakh and maximum transaction time is 2 hours. Not all Bank Branches in India are RTGS enabled. Nearly 26000 Bank Branches in India have this facility of Fund Transfer.
