Find RTS Full form and Why to use RTGS for transfer of big amount of money from one bank account to another in less time and with low failure rate. Choose RTGS system for transaction. Just check full form of RTGS, required details for transaction followed by benefits…
RTGS Full Form
Real Time Gross Settlement System is the RTGS full form, a service provided to the customer for sending an amount larger than 2 Lakhs INR. Reserve Bank of India has brought their facilities for all Banks, which allows them to make transfers in a secure way. As every Bank in India has a limited limit of online or offline transfer for the days.
Thus to have a secured and larger fund transfer RTGS has to opt. The RTGS timings of transfer do differ from bank to bank and it will usually be between the timing of their Banking Hours.
|Name||Real Time Gross Settlement (RTGS)|
|Service||Money transferring system between Bank Accounts|
|Minimum Limit for RTGS Transfer||INR 2 Lakhs|
RTGS Details Requirement
To initiate RTGS transaction from Bank branch or through Online, user must provide some of the required details to complete RTGS transaction. Here get required details which listed below for successful transaction:
- Name of Beneficiary
- Account number of Beneficiary
- Beneficiary account IFSC Code
- Bank Name of Beneficiary
- Bank Branch of Beneficiary
- Transfer amount
RTGS System Benefits
- RTGS system is Safe, Secure and Efficient money transfer method between bank accounts.
- It can done through offline in bank branches and also through Online.
- RTGS timings through offline may differ from bank to bank with respect to bank timings.
- Minimum amount to be transferred through RTGS system is 2 lakh rupees.
- Fees and Charges on transaction totally depends upon the amount transferring through RTGS.
Is RTGS available at anytime or particular timings are present?
Now you can transfer money through RTGS system anytime like 24/7/365 throughout the year and it came into existence from December 14, 2020. But if you want to transfer through RTGS in offline mode like bank branches then timings depends on Bank timings.
What is the minimum and maximum transaction limit of money in RTGS system?
There is a particular limit for money transaction in RTGS that INR 2 lakh rupees is the minimum amount to be transferred and there is no limit for maximum limit.
What are the fees and the charges to be charged for RTGS transaction?
There is no charge for the inward transactions. But in the outward transactions it depends on transfer limit. They will charge 24.50 rupees for 2lakh to 5lakh and 49.50 rupees for above 5 lakhs transaction.