What is RTGS Money Transfer?
RTGS Stands For Real Time Gross Settlement. In this article, We know about what is rtgs money transfer?
RTGS (Real Time Gross Settlement) is a system through which money can be transferred online. Unlike NEFT, fund transfer instructions under RTGS are done on an individual order basis and the money is transferred at the same time. So far, RTGS Money Transfer is the fastest and safest instrument for fund transfer in India.
What is RTGS?
Through RTGS a person can send money from one bank to another bank within India. It is specifically used only for large amount transfers. A minimum of Rs 2 lakh by RTGS. Transaction of a can is done. To transfer an amount less than this, you must use NEFT. Although almost every bank provides an RTGS facility to its customers, What is RTGS Money Transfer services are not available in all branches of every bank. There are around 100,000 bank branches across the country that offer RTGS services and anyone who is interested in taking advantage of this can know if their branch offers it. A list of these bank branches is available on the RBI website. In this article, we will see what is rtgs money transfer and what is RTGS charges.
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RTGS fee:
What is RTGS charges?
All inter-bank money transfer services charge a nominal fee. To avail of RTGS service, you will have to pay a fixed fee on your order. This fee varies from one bank to another but has a similar slab to charge the payment.
The slab is divided into two parts RTGS limit per days:
1) Transactions between 2 and 5 lakhs
2) Transactions ranging from 5 lakhs to any amount
RTGS charges follow the same slab with some more limits.
1) Rs 25 to the branch on transactions of 2 to 5 lakhs. There is a nominal fee of Rs. 5 and on the transaction through internet banking channels. Is charged.
2) Rs 50 in the branch for transactions of 5 lakh and above. A fee of Rs 10 is charged on transactions through the internet. comes with a fee.
Note: Please note that these charges are excluding GST.
Facilities of RTGS:
You should know how to send money through RTGS before transferring funds easily through RTGS Money Transfer. The following suggestions are given below for this here are important Facilities of RTGS
1) First of all, you have to activate your internet banking facility. Contact your bank branch for activation
2) log in to the bank’s online web portal with the ID and password provided by you. Go to your profile and choose “beneficiary”
3) Select “RTGS” from the available inter-bank payment options.
4) To add a beneficiary, select the given option and fill in the required information like beneficiary name, account number, address, and IFSC code.
5) After confirming click on the ‘Accept Terms of Service (Terms & Conditions)’ button, For added security, a security password is sent to your registered mobile number. Enter this password to authorize the beneficiary
6) The added beneficiary is activated in 30 minutes or within a few hours, depending on the bank and security measures. Once the beneficiary’s account is activated, it can be transferred immediately.
7) To send money to the interbank payer through RTGS / NEFT, select the ‘Inter Bank Transfer’ link in the ‘Payments / Transfers’ tab.
8) Transaction Type – Choose from RTGS or NEFT
9) A list of beneficiary account added is displayed.
10) Enter the amount and select the beneficiary who is given in the list.
11) Click on Accept Terms of Service and confirm.
If you face any problem, it is advised to contact your bank and get a representative to explain to you how to use RTGS fund transfer to ensure that there are no mistakes.
In today’s time, everyone prefers instant money transfers for big or small payments. There are many benefits of transferring funds from RTGS, some of them are as follows:
1) An earlier large amount was paid through demand draft, which could be approved in three days, but now it can be paid in a short time through RTGS, which saves time.
2) The excess amount can be transferred immediately without any paperwork.
3) RTGS is an online process, due to which there is no risk of money being stolen or a check forged by sending money.
4) A higher amount can also be transferred easily, which makes it easier for companies to run their business smoothly.
5) It also helps companies to better manage their business capital.
6) There is less chance of counterparty default
7) This in turn ensures a better supplier-buyer relationship, as one can transfer large amounts at once and without delay.
What are the Requirements for RTGS Transactions:
Before you start sending money from an what is RTGS Money Transfer, there are some basic requirements that you need to fulfill. The customer has to give the following information to the bank:
1) amount to send
2) Account information of remitting customer for debiting the amount
3) Beneficiary bank and branch name
4) IFSC Code
5) Beneficiary Customer Name
6) Beneficiary Customer Account Number
7) Sender for receiver information, if any
RTGS Money Transfer FAQ’
What is the Full form of RTGS money transfer?
RTGS Stands For Real Time Gross Settlement.
If the money has not been successfully transferred, the customer will be informed about the same and the amount will be credited back to his account. we perfectly know what is RTGS Money Transfer. and what is RTGS.
Bank branches in case of any difficulty in all bank customer RTGS services
Conclusion:
What is RTGS?
What is RTGS money transfer?
Full form of RTGS money transfer?
What is RTGS charges?
Facilities of RTGS
What are the Requirements for RTGS Transactions?