INSUBCONTINENT EXCLUSIVE:
You can now request wire or electronic fund transfers through the RTGS or Real-Time Gross Settlement payments system for 90 additional
The Reserve Bank of India (RBI) - which maintains the RTGS payments network - last month announced its decision to extend the timings for
customer transactions in RTGS
The new timings - from 8:00 am to 6:00 pm (instead of 4:30 pm previously) - came into effect from June 1
That means customers can now send money using the RTGS payments system - which is aimed at high-value transactions - till 6:00 pm.1
What is RTGS and who can make RTGS fund transfersFund transfers under RTGS - meant for transactions of Rs 2 lakh and above - are processed
continuously throughout applicable business hours
RTGS differs from NEFT or National Electronic Funds Transfer and IMPS or Immediate Payment Service as the amounts below Rs 2 lakh can be
transferred using IMPS and NEFT services.( Timings for payments system RTGS extended)2
New RTGS timingsThe new timings applicable to RTGS transactions now enable customers to initiate fund transfers for a total 10 hours, as
against seven and a half hours till May 31
This means that RTGS transactions are available at the customer end from 8:00 am to 6:00 pm on applicable days.3
RTGS chargesThe charges levied by commercial banks for their customers requesting RTGS transactions vary depending upon the time of request
RTGS member commercial banks charge a fee for every outward RTGS transaction (in addition to flat processing charge) by their customers.(
Top banks levy these charges for RTGS online payments)4
RTGS working daysThe RTGS service window for customer transactions is available to banks from 8 am to 6:00 pm on working days for settlement
However, the timings that the banks follow may vary from one bank to another.5
RTGS member banksPublic sector lender State Bank of India, and its private sector peers ICICI Bank and HDFC Bank, among several other
financial institutions, are members of payments systems RTGS and National Electronic Funds Transfer (NEFT)
There are more than 1.1 lakh RTGS-enabled bank branches, according to the RBI website.As of May 21, State Bank of India - the country's
largest lender - had 24,842 RTGS-enabled bank branches, according to the Reserve Bank of India.Other RTGS member banks include Bank of
