Real-time gross settlement, or RTGS, refers to the system of transferring money in real-time. This implies that the instructions are processed at the very moment without any delay. Also, the transfers occur on a gross basis, i.e. on instruction by instruction basis and not in batches. The process is safe and secure as it is managed by the Reserve Bank of India (RBI). You can use RTGS for high-value transactions as long as both your bank and the beneficiary bank are RTGS-enabled. Read on to know about the ways in which you can avail RTGS fund transfer.
ON THIS PAGE: RTGS Online steps | RTGS Offline steps | RTGS Timing | Important Factors | RTGS Transfer from top banks | FAQs
Before initiating an RTGS transfer, you need to add the beneficiary to your account:
Login to your netbanking portal using your credentials.
Under ‘Fund Transfer’, click on ‘Add Beneficiary’.
Enter the beneficiary account details: name, account number, IFSC, bank name, and branch location.
Click on ‘Add’.
Confirm the action by authenticating it with the OTP sent to you.
You will be notified when the beneficiary is added. You can then initiate a fund transfer by following the steps mentioned below:
Click on ‘Fund Transfer’.
Select the beneficiary you wish to transfer money to.
Fill in the necessary details: amount to be transferred, debit account number, and remarks.
Agree to the terms and conditions.
Click on ‘Confirm’.
To initiate an RTGS fund transfer offline, visit the nearest bank branch and fill the RTGS form with the beneficiary details.
Real-Time Gross Settlement transfers offer a host of different features and benefits compared to other forms of electronic fund transfers. Let’s take a look at a few of the key ones.
The technology used for RTGS transfers has been designed and operated by the Reserve Bank of India. Therefore, it is super reliable with little to no downtimes and 24/7 availability.
All the transfers made through Real-Time Gross Settlement require authentication via OTP, which is only sent to the registered mobile number. This makes these transactions very safe and secure.
The minimum transfer limit for RTGS is ₹2 lakhs, with no ceiling on the maximum limit of transfer. This makes it perfect for transferring large amounts from one account to another.
Since RTGS transfers are executed on an individual, real-time basis, the account gets credited instantly.
The time taken for an RTGS fund transfer typically ranges in seconds. This is because the aim of the system is to ensure that fund transfers are processed instantly so that the beneficiary account can be credited immediately. Sometimes, however, in case of technical challenges, the RTGS transfer time can extend to a few minutes. It might be helpful to note that the RBI has made it mandatory for beneficiary banks to credit the beneficiary account within 30 minutes of receiving the transferred funds.
To ensure that the RTGS fund transfer process can be completed without any hiccups, you need to keep a few things in mind:
Ensure that your bank and the beneficiary’s bank are RTGS-enabled.
Take note of the bank’s cut-off time as it can impact the RTGS credit time.
For online transactions, you must have an active netbanking account.
Ensure you provide the correct details with regards to the RTGS beneficiary account as well as the debit account to reduce the processing time.
You must have access to the below-mentioned information:
Beneficiary bank name
Beneficiary branch name
Beneficiary customer name
Beneficiary account number
Beneficiary bank branch IFSC Code
Amount to be transferred
Login to the State Bank of India (SBI) net banking portal using your credentials.
Under ‘Profile’, select the ‘Manage Beneficiary’ option.
Select ‘Inter-Bank Payee’ from the options provided.
From the list, select the ‘Add’ option.
Enter the beneficiary details, such as name, account number, branch address, and the Interbank RTGS maximum amount transfer limit in the relevant fields.
Enter the beneficiary bank’s IFSC code.
Accept the terms and conditions and click on ‘confirm’.
Authorise with the OTP sent to you and the beneficiary will be added within 16 hours
Once the beneficiary is updated, you can initiate an RTGS instant transfer by following the steps mentioned below:
Under the ‘Payments/Transfers’ tab, select the ‘Inter-Bank Transfer’ option to initiate an RTGS online transfer.
Choose RTGS account transfer as your preferred mode.
Choose the beneficiary account from the list.
Fill the RTGS transfer details: amount, account to debit, remarks, etc.
Accept the terms and conditions.
Click on ‘confirm’.
Visit the HDFC Bank official website.
Login using your credentials and click on ‘Fund Transfer’.
Add the beneficiary details, i.e. bank account number, bank name, branch IFSC code, etc.
Once the beneficiary has been added, initiate an RTGS bank transfer by clicking on ‘Transfer to other bank’.
Choose the beneficiary from your list.
Select the debit account and fill in the relevant fields.
Click on ‘confirm’.
Log into your Kotak Bank net-banking account
Go to ‘Payment & Transfer’ section and click on ‘Manage Beneficiary’
Choose ‘Inter’ or ‘Intra’ bank payee as per your need and add his/her details such as name, IFSC code, Bank name etc
Click ‘Confirm’ and continue. You will get an OTP
Enter OTP to activate the beneficiary to your account. Once the beneficiary is added, you can proceed with RTGS transfer
Log into ICICI Bank internet banking/imobile
Go to the ‘Funds Transfer’ option
Add account name, amount to be transferred and other details
Select payment option as ‘RTGS’
Review the details that you entered and proceed to ‘Confirm’
Enter OTP to authenticate payment and proceed with funds transfer
Go to the Axis Bank netbanking account
Choose the ‘Funds Transfer’
Select ‘Other Bank Account’ and click on ‘Make Payment’
Select the RTGS option and enter details such as beneficiary name, bank’s IFSC code, transfer amount, etc.
Enter the OTP which you received on your mobile to authenticate the RTGS transfer
The minimum amount you can transfer through RTGS has been set at ₹2 lakh by the RBI. However, the maximum amount you can transfer through RTGS varies from bank to bank. You can check the RTGS transfer limit of your bank before initiating a transaction.
Apart from RTGS, you can also use IMPS or NEFT to transfer money from one account to another. The NEFT transfer limit and NEFT fees and charges will, however, be different from that of RTGS, and so will be the IMPS transfer limit and IMPS fees and charges. You can check out the difference between IMPS vs NEFT vs RTGS and select the mode that suits you best!
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Yes, as per the recent RBI guidelines, the RTGS fund transfer facility is available 24x7, including weekends and bank holidays.
Inter-bank fund transfer refers to the transfer of funds between an account at one bank to another account in the same bank but at a different branch or another bank. The debit account is known as the account of the remitter and the credit account is known as the account of the beneficiary. NEFT, RTGS, and IMPS are some of the popular inter-bank fund transfer systems.
For RTGS transfers, the time taken for processing is almost nil. This is because RTGS fund transfers are processed on a gross basis and not in batches. Sometimes, however, in case of technical difficulties, the RTGS fund transfer time can stretch to a few minutes.
Yes, you may be required to pay certain RTGS fees and charges, as specified by your bank, for availing the RTGS transfer facility.
Real-Time Gross Settlement, also known as RTGS, is vastly different from National Electronic Fund Transfer, also known as NEFT. One of the primary points of difference is in the time that it takes to credit the destination account.
RTGS transfers are instant, whereas NEFT transfers take anywhere from an hour to two for the destination account to get credited. Secondly, RTGS is more suited for large transactions of ₹2 lakhs and above, whereas NEFT is ideal for both small and large transactions since it has no minimum transfer limit.
No. Not all banks in India are RTGS enabled. That said, all the major private and public sector banks support Real-Time Gross Settlements. If you wish to make an RTGS transfer, it is a good idea to check whether your bank supports it before proceeding to effect the same.
Yes. You can schedule an RTGS transfer well in advance. At the scheduled date and time, the transfer will be effected automatically without the need for any manual intervention.
Yes. RTGS transfers can be made on all 24 hours of all days including bank holidays and Sundays. However, there might be a small window each day between 11.30 PM and 00:30 AM, during which it might not be operational due to maintenance activities.