RTGS Full Form: What is RTGS?: What is the full form of RTGS, and what is the meaning of RTGS, Do you know that? If no then you will get all answers to all such types of questions in this article.
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RTGS Full Form – How RTGS Works
The RTGS full form is Real Time Gross Settlement. RTGS is used to transfer money from one bank to another on a real-time and gross basis.
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In simple words, RTGS is a system that provides Individuals and a Company the facility to transfer funds between two banks within a country. It settles the funds individually based on the order and it is generally used to transfer large amounts or higher values. RTGS is done directly through banking.
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RTGS system is generally used for high-value money transactions that require immediate clearing. It is usually operated by the central banks of the countries. It deducts the amount from A bank account and adds this amount to account B RTGS is the. very fastest possible method of money transfer
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RTGS is for the settlement of different funds based on Gross Settlement instruction. Here the transaction is not bundled with any other instruction and payment is done by receiving it. The bank normally makes the payment in the respective bank account within 30 minutes.
What are RTGS Charges?
If there is an amount transfer from 2 to 5 lakhs in RTGS, then a service charge of Rs 25 is charged in it, and in the transaction above 5 lakhs, it is charged at the rate of Rs 50. This arrangement has been made for RTGS, especially for large amounts of transactions.
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The minimum Amount for doing transactions through RTGS is 2 lakhs. Amount less than that does not have Transaction in it. There is no maximum amount for Transactions through RTGS.
Its transaction time for RTGS is done between 08:00 am to 04:30 pm in the evening. It also does not do any transactions on this day due to bank holiday on Monday Saturday and 2nd and 4th Saturday of every month.
How to use RTGS?
Now the question comes that how RTGS is used. We can use RTGS in two ways, one is an online method and the other is the offline method. You can see the complete detail about these two methods.
Online Method RTGS
You can use the online method in RTGS by using Internet Banking. Under this, if you want to transfer funds to any person, you have to add it to your account in the form of Payee or Beneficiary Customer Id, where you have to fill in all the information about that person and after that the bank, the information of that person. The bank takes about 12-24 hours to check this information, when the checking process is completely completed by the bank, then the beneficiary customer is activated by the bank after which you can send that beneficiary customer. Fund transfer can be done.
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Offline Method RTGS
In RTGS, if you do not know how to use the online method, then you can use the offline method, but for this, you have to go to the bank branch and fill a slip in the same way as you do while doing Check Deposits or NEFT. Fill the form normally. As soon as you make deposits by filling the instruction slip, and after that, the bank adds the information filled in that instruction slip to its Central Processing System, and then it is sent to RBI as soon as the information is added to the Central Processing System. Is. After this, RBI completes all the transactions by processing and debiting the amount from the account of the sending bank and credits that amount to the account of the bank to which RTGS has been done.
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Note: This post is only for informational purposes. Maybe Some data is changed by time or wrong. In this case, We are not responsible. So For better Knowledge of the RTGS. Please Visit the Bank’s Official Websites.
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