RBI Procedure To Operate RTGS System
Name of the Oragnisation : Reserve Bank of India(rbi.org.in)
Type of Facility : How to operate RTGS System
Website : http://rbi.org.in/
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RTGS System : http://www.rbi.org.in/scripts/FAQView.aspx?Id=65
Senior Citizens Savings Scheme: https://www.indianjobtalks.in/6162.html
Opening of Bank Accounts Minors: https://www.indianjobtalks.in/40071.html
ECS Credit & Debit Scheme: https://www.indianjobtalks.in/4676.html
NEFT System Procedure: https://www.indianjobtalks.in/3815.html
Gold Deposit Scheme: https://www.indianjobtalks.in/6118.html
What is RTGS System? :
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
Instructions:
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ` 2 lakh. There is no upper ceiling for RTGS transactions.
It is expected that the receiving bank will credit the account of the beneficiary instantly. If the money cannot be credited for any reason, the receiving bank would have to return the money to the remitting bank within 2 hours. Once the money is received back by the remitting bank, the original debit entry in the customer’s account is reversed.
The RTGS service window for customer’s transactions is available from 9.00 hours to 16.30 hours on week days and from 9.00 hours to 13.30 hours on Saturdays for settlement at the RBI end. However, the timings that the banks follow may vary depending on the customer timings of the bank branches.
Processing Charges / Service Charges for RTGS transactions :
With a view to rationalize the service charges levied by banks for offering funds transfer through RTGS system, a broad framework has been mandated as under:
a) Inward transactions : Free, no charge to be levied.
b) Outward transactions :
a) Rs. 2 lakh to Rs. 5 lakh – not exceeding Rs. 30 per transaction.
b) Above Rs. 5 lakh – not exceeding Rs. 55 per transaction.
The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code is also available on the cheque leaf. The IFSC code is also available on the RBI website (www.indianjobtalks.in/uploads/6142-RTGEB1110.xls) . This code number and bank branch details can be communicated by the beneficiary to the remitting customer.