RTGS - Real Time Gross Settlement
The term Real-Time Gross Settlement (RTGS) refers to a funds transfer system through which you can send money and/or securities instantly.
RTGS payment is final and irreversible once completed. In most countries the system is administered and run by central banks. RTGS makes speedy, safe transactions possible, which lowers the number of fraudulent transactions.
Definition Of Real Time Gross Settlement (RTGS)
Real-Time Gross Settlement (RTGS) is a fund transfer method through which money is sent instantly without any delay. RTGS is usually for large value transactions and the minimum amount that can be sent through this mode is Rs 2 lakh.
The following information is required
for RTGS transactions:
RTGS can be used to send money using net banking. To initiate such a transaction, it is important to collect certain details from the payer such as account number, bank name, IFSC code and name of the account holder. Another interesting feature of this wire transfer method is that the transaction can be scheduled in advance.
RTGS Fund Transfer Process (Stepwise):
Step 4:Review each detail before submitting. The funds will be immediately credited to the payer’s account.
RTGS Transaction Features and Advantages:
The following list includes the primary features and benefits of RTGS transactions:
- Online Fund Transfer in Real Time
- used for transactions with large value
- secure and safe
- RBI-trusted and supported
- immediate clearance
- One to one is used when depositing money.
- Individually and collectively completed transactions