INSUBCONTINENT EXCLUSIVE:
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,
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
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
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.
