RTGS timings: The RBI has decided to extend the timings applicable to RTGS transfersRTGS or real-time gross settlement is a payments system in which transactions - or wire transfers - are processed continuously throughout applicable business hours.
Contrary to NEFT or national electronic funds transfer, in which the transactions received up to a particular time are processed in batches, RTGS - primarily meant for transactions of Rs 2 lakh and above - enables instant transfer of funds as perapplicable timings.
The Reserve Bank of India (RBI) - which maintains the RTGS payments system - has announced an extension in the timings applicable to RTGS transfers by one-and-a-half hours.
( The difference between NEFT and RTGS)New RTGS timingsEventTimeOpen for business08:00 hoursCustomer transactions (initial cut-off)18:00 hoursInter-bank transactions (final cut-off)19:45 hoursIDL (intraday liquidity) reversal19:45 hours - 20:00 hoursEnd of day20:00 hours(Source: RBI)The RBI said on Tuesday that it has decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.
The new timings will take effect from June 1, the central bank noted.RTGS last cut off timeFrom June 1, 2019, the cut-off time for RTGS transactions will be 6:00 pm for customers.
This means the RTGS transfers will be allowed to be initiated by a remitter till 6:00 pm, instead of 4:30 pm at present.The final cut-off for inter-bank transactions will be 7:45 pm, according to the RBI.Commercial banks, from public sector State Bank of India to its private sector peers ICICI Bank and HDFC Bank, are members of the RTGS payments system.
As of May 21, State Bank of India - the country's largest lender - had24,842 RTGS-enabled bank branches, according to the Reserve Bank of India.RTGS timings SBIHere are the existing RTGS timings and charges applicable to State Bank of India (SBI) customers, for making fund transfers within the bank's network as well as to other banks:Time of settlement at the RBITransaction SlabChargesFromTo9:00 hours12:00 hoursRs 2.00 lakh to Rs 5.00 lakhRs 25Above Rs 5.00 lakhRs 51After 12:00 hours15:30 hoursRs 2.00 lakh to Rs 5.00 lakhRs 26Above Rs 5.00 lakhRs 52After 15:30 hours16:30 hours (on weekdays)Rs 2.00 lakh to Rs 5.00 lakhRs 31Above Rs 5.00 lakhRs 56(Source: SBI)RTGS chargesThe RBI also mentioned the time-varying charges applicable to RTGS transactions.Time of Settlement at the Reserve Bank of IndiaTime varying charge per outward transaction (in addition to flat processing charge)FromTo08:00 hours11:00 hoursNilAfter 11:00 hours13:00 hoursRs 2.00After 13:00 hours18:00 hoursRs 5.00After 18:00 hoursRs 10.00(Source: RBI)The time-varying charges for RTGS transfers from 1:00 pm to 6:00 pm will be Rs 5 per outward transaction, according to the RBI.