The extended window for RTGS will be applicable from June 1.Mumbai:Timings for fund transfer through RTGS have been extended by one-and-a-half hours to 6 pm for the general public from June 1, the Reserve Bank of India said on Tuesday.
Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting).The RTGS system is primarily meant for large value transactions.
The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling."It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm," the RBI said in a notification.The extended window for RTGS will be applicable from June 1.Besides, National Electronic Funds Transfer (NEFT) is another popular form of fund transfer.
There is no limit for the minimum/maximum for fund transfer.
However, NEFT operates in hourly batches.
Currently, India's largest bank SBI provides 12 settlements from 8 am to 7 pm on weekdays and five settlements from 8 am to 1 pm on Saturdays.