RBI announces 24*7 availability of RTGS from December; here’s all you need to know
Reserve Bank of India Governor Shaktikanta Das announced the availability of Real Time Gross Settlement (RTGS) payment system 24*7 from this December to make online fund transfer smooth.
Das in his briefing said, “In order to facilitate swift and seamless payments in real time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock, on all days from December. India will be among very few countries globally with a 24x7 all days large value real time payment system.”
Currently, the system is available on all days when most bank branches are operating, including Saturdays. It is mainly meant for large value transactions. Minimum sum to be sent through RTGS is Rs2,00,000, with no upper or maximum ceiling.
WHAT IS RTGS
RTGS enables real time transfer of funds to the recipient account. According to the central bank, ‘real time’ means the processing of instructions at the time they are received and ‘gross settlement’ implies that settlement of funds transfer instructions occurs individually. This system has no amount cap.
HOW TO DO THE RTGS
· One needs to activate internet banking facility.
· After activating the facility, log on to the online web desk of the bank with the ID and password provided.
· Go to your profile and select the option of the beneficiary.
· Select RTGS from the inter-bank payment options.
· Submit the details: Name, account number, address and IFSC code of the beneficiary.
· A high-security password is sent to the registered mobile number. Enter this password to authorise the beneficiary.
· The beneficiary added is activated within 30 minutes. Once the beneficiary account is activated, the transfers can be done instantly.
· To remit funds to the Inter-Bank Payee through RTGS / NEFT select the ‘Inter-Bank Transfer’ link in the ‘Payments/Transfers’ tab.
· Select the Transaction Type – RTGS or NEFT. The list of beneficiary accounts added is displayed.
· Enter the amount and select the beneficiary to be credited.