1. What is the process of RTGS Funds Transfer?
For RTGS you will need to begin by adding a beneficiary. Then you can go on to make a funds transfer.
For online transaction, both the NetBanking and Third Party Funds Transfer facilities should be enabled. (If you’re not yet registered, just fill the form at your closest HDFC Bank branch).
Steps to add beneficiary for RTGS-
Step 1 - Log into HDFC Bank NetBanking using your Customer ID and Password
Step 2 – Go to Funds Transfer tab
Step 3 - Click ‘Add a Beneficiary’, and then select Beneficiary Type 'Transfer to other bank'
Step 4 – Enter the beneficiary account details or Credit card number
Step 5 – Select the Beneficiary’s IFSC, using the bank and branch name
Step 6 – Click ‘Add’, then ‘Confirm’
Step 7 – Authenticate yourself at the secure access step, and wait for your confirmation message
Steps to make your RTGS funds transfer –
Step 1 - Go to Funds Transfer tab, and select ‘Transfer to other bank (RTGS)’
Step 2 - Select account, beneficiary, and enter the relevant details
Step 3 - Accept the Terms and Conditions
Step 4 - Review the details, and, if all is correct, confirm to complete the process
- The beneficiary will be activated in 30 minutes (due to security reasons).
- RTGS transactions are possible only post 24 hours of new beneficiary addition.
- A maximum of 4 beneficiaries can be added in a period of 24 hours.
2. What are the modes through which I can initiate an RTGS transaction?
- Internet Banking – Add a beneficiary using the Funds Transfer option with the IFSC Code and the Beneficiary Bank details. Transfer funds once the beneficiary is added.
Keep your mobile phone handy as an OTP is required to complete the transaction and will be sent to your registered mobile number
- Branch – Visit your nearest HDFC Bank Branch and fill the RTGS Form to do an RTGS transaction
- Enet - Internet banking facility for corporates
3. What information is required when using the RTGS funds transfer service?
When using RTGS Funds Transfer, there are a few essential details to provide:
- Amount to be remitted
- Remitting customer's account number which is to be debited
- Name of the beneficiary bank and branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if any
- The IFSC number of the receiving branch
4. What is RTGS fund transfer?
RTGS (Real Time Gross Settlement) is the continuous (real-time) settlement of funds transfers individually on an order by order basis. 'Real Time' means the processing of instructions at the time they are received rather than at some later time; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
5. When does the beneficiary get the credit for a RTGS Transaction?
Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message.
6. If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?
Yes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the former will return the money to the remitting bank within 1 hour. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.
7. Can I schedule an RTGS transaction in advance?
Yes, RTGS transactions can be scheduled in advance.
8. How would one know the IFSC code of the receiving branch?
The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code is also available on the cheque leaf. The list of IFSCs is also available on the RBI website (http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0815.xlsx).
9. Do all bank branches in India provide RTGS service?
No. All the bank branches in India are not RTGS enabled. Presently, there are more than 100000 RTGS enabled bank branches. The list of such branches is available on RBI website at: http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0815.xlsx
10. Whom do I can contact, in case of non-credit or delay in credit to the beneficiary account?
Contact your bank/branch. If the issue is not resolved satisfactorily, complaint may be lodged to the Customer Service Department of RBI at -
The Chief General Manager,
Reserve Bank of India,
Customer Service Department,
1st Floor, Amar Building, Fort,
Mumbai - 400 001
Or send email
Or contact Customer Facilitation Centre
Contact Details of Customer Facilitation Centre for redressal of your RTGS related complaints
11. How can a remitting customer know whether the bank branch of the beneficiary accepts remittances through RTGS?
For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch would have to be RTGS enabled. The lists are readily available at all RTGS enabled branches. Besides, the information is available at RBI website (http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0815.xlsx). Considering that more than 100000 branches at more than 20,000 cities/towns/taluka places are covered under the RTGS system, getting this information would not be difficult.
12. If the transaction has failed due to technical reasons either at the Bank’s or RBI end will I get any compensation in the form of Loss of Interest?
No. If the transaction has failed / timed out / declined due to technical reasons, Bank shall not bear any liability to compensate the same in the form of interest or actual amount sent to the Beneficiary