- Go through the Full form of RTGS that is used at the time of making payments or transferring money.
- Know the charges involved when you transfer money through RTGS.
- Check the minimum amount of transactions needed for RTGS
Earlier, people use to transfer money by visiting the branch of the respective bank in which they want to transfer the money. They use to deposit the money to the account to transfer money. But after RTGS money transfer became easier and convenient. Now, one can easily transfer money from one bank account to another without any hassle. You might have used RTGS many times but are you aware of the RTGS Full Form? Well, the full form of RTGS is Real Time Gross Settlement. In the full form, Real Times means that the instruction is processed immediately once they are received. On the other hand, gross settlement is the settlement of fund transfers that is occurring individually.
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Features and Benefits of RTGS
Here are some benefits of transferring money through RTGS and you can explore all of them below:-
- The RTGS transactions take place continuously throughout the day.
- This service is available 24 hours a day, 7 days a week, and you can transfer funds at any moment.
- The money transfer made through RTGS is safe and secure.
- You will save a lot of time while doing the RTGS.
- There are no processing fees charged on the RTGS transactions.
- There is no limit for the maximum amount that you want to transfer through RTGS.
- You can even transfer money through RTGS by using the Net Banking or Mobile Application of your respective bank.
- The transaction charges are capped by the Reserve Bank of India.
Charges for RTGS
Once you know the RTGS Full Form, you must also explore the charges that might incur while doing an RTGS. The processing fee levied on the RTGS transactions was waived off by the Reserve Bank of India. But you will have to pay a service charge to the bank and they are given below:-
- If you are doing an inward transaction through RTGS then you will not have to pay any extra fee.
- If the money you are transferring through RTGS is between INR 2 Lacs to INR 5 lacs then you will have to pay a service charge of a maximum of INR 24.5.
- You will have to pay a maximum charge of INR 49.5 if the money you are transferring is above INR 5 lacs.
But the charges might differ from bank to bank because every bank has a different charge structure for RTGS fees.
Details Needed for RTGS
While you are transferring money through RTGS you will need the following details of the Payee’s Account:-
- The amount you are willing to transfer.
- Account Number of the Payee.
- Bank Branch of the Payee.
- IFSC number of the Payee’s bank branch
- Name of the Payee.
- Account Number of the Payee
- Sender’s Basic Information.
Minimum RTGS Amount and Maximum RTGS Amount
If you are willing to transfer money through RTGS then your minimum amount should be at least INR 2 lacs. You cannot transfer money through RTGS if your transferring amount is less than INR 2 Lacs. On the other hand, there is no maximum limit to transfer or send money through RTGS. You can transfer any amount of money if you are making an RTGS payment.
So, you the RTGS Full Form that is Real Time Gross Settlement. But with the full form of RTGS, you must go through the features of RTGS. The banks also levy service charges on RTGS Payments but they are very nominal. But make sure that you fulfill the criteria of the minimum amount that is INR 2 lacs while transferring money through RTGS.