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Common questions for all RTGS funds transfer

All RTGS funds transfer

How do I check the IFSC of the receiving branch?

Just ask your beneficiary to get the IFSC from his or her branch. They can also find it in their cheque book - the IFSC is in the cheque leaf.

How is RTGS different from National Electronic Funds Transfer (NEFT)?

NEFT is an electronic fund transfer system that operates on a deferred net settlement (DNS) basis, which settles transactions in batches.

What is RTGS Funds Transfer?

'RTGS' stands for 'Real Time Gross Settlement'. The RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on a 'gross' basis. This is the fastest possible money transfer system through banking channels.

Are there minimum or maximum limits for RTGS transfers?

The RTGS system has been designed for large value transactions.

What information do I need to provide when using the RTGS funds transfer service?

When using RTGS Funds Transfers, there are a few essential details to provide:

What are the charges for the RTGS funds transfer service?

Effective 15 November, 2010; RTGS transactions on NetBanking are charged as below :

  • Rs. 2 lac to Rs. 5 lac - Rs. 25 (inclusive of taxes) per transaction
  • Above Rs. 5 lac - Rs. 50 (inclusive of taxes) per transaction

Note: RTGS transfers can be done for amounts exceeding Rs. 2,00,000 only whereas for NEFT there are no such amount restrictions.

How long does it take for funds to be transferred from one account to another?

Real-time means that beneficiary branches are expected to receive the funds as soon as they are transferred by the remitting bank. The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message.

If the money is not credited successfully, will the remitting customer get the funds back?

With RTGS, the receiving bank should credit the account of the beneficiary instantly. If for some reason the money cannot be credited, the receiving bank has to return the money to the remitting bank within 1 hour. As soon as the money is returned, the original debit entry in the customer's account is reversed.