RTGS is defined as Real Time Gross Settlement of funds, and it is a system in which there is a continuous and real-time settlement of fund transfers individually, on an order by order basis without netting. The term 'Real Time' refers to the processing of instructions at the time they were received, and 'Gross Settlement' refers to the settlement of funds transfer, instructions that occur individually.
RTGS is suitable for transactions involving large amounts of money transfer. Minimum amount to be transacted through RTGS is Rs. 2 Lakh and is available 7 AM - 6 PM on RBI Working Days. As the fund settlement takes place in the books of RBI, it is final and irrevocable.
Important Points related to RTGS Fund Transfer
Whether availing the RTGS scheme via the online or offline channel, there are some vital details that you should keep ready with the remitter when you are placing a fund transfer request. The necessary details are:
The amount to be remitted
Remitting customer’s account number that would be debited