RTGS Timings – RTGS Transfer Timings in India for 2024

Real Time Gross Settlement (RTGS) is a secure and efficient method for transferring high-value funds electronically, regulated by the Reserve Bank of India (RBI). This article delves into essential details about RTGS timings, transfer processes, and settlement guidelines. Whether you want to understand RTGS transfer time, how much time RTGS takes, or the overall RTGS payment time, this guide covers all aspects to ensure seamless transactions.

RTGS Timings in 2024

RTGS transfers are available 24/7, 365 days a year, including weekends, public and bank holidays. Once the transfer is initiated, the beneficiary bank credits the recipient’s account within 30 minutes of receiving the funds transfer message. This round-the-clock availability ensures you can initiate real-time RTGS fund transfers at any time without waiting for banking hours.

Additionally, RTGS transfers eliminate the need for creating demand drafts or cheques, making the process faster and more convenient. Most banks also offer online RTGS services, allowing you to complete transfers without visiting a branch. The beneficiary bank receives the funds in real time, ensuring swift and seamless transactions.

How Long Does RTGS Transfer Take?

Under normal circumstances, RTGS transfers are processed in real-time, with the beneficiary bank expected to credit the recipient’s account within 30 minutes of receiving the transfer message, as mandated by the Reserve Bank of India (RBI). Typically, the funds reflect in the receiver’s account within a few seconds.

In case of delays, the originating bank is held responsible for the transaction, as per the Income Tax Department. If the beneficiary’s bank is unable to credit the account, the funds will be returned to the remitter.

For instance, according to the State Bank of India (SBI) guidelines, if a transfer fails, the remitting bank must return the funds to the originating account within two hours of completing the batch process.

Things to Remember When Using RTGS Transfer

While RTGS is a fast and secure fund transfer method, it is always important to know the terms and conditions.

Some of the common guidelines include the following:

• The amount will be paid only to the account mentioned in the RTGS form.
• In case an RTGS payment is initiated, it cannot be canceled.
• Before making any transfers, it is highly recommended to go through the RTGS form and make the money transfer accordingly.
• The user has to select either RTGS or NEFT when filling out the fund transfer form. The bank will decide which fund transfer method will be used if no mode is selected.
• If the beneficiary details mentioned are incorrect, the bank is not liable for any consequences arising from the error.
• If there is a failed payment, the amount must be returned to your bank account. If the compensation is not returned for failed payments, you are eligible for compensation of the current repo rate plus 2%.

Related Read: What Are RTGS Charges in 2024?

Features of RTGS

• The minimum amount you can transfer via RTGS has to be above INR 2 lakh
• RTGS transactions can be initiated from anywhere using the internet banking option (ideal to be done at the home, workplace, or using a device that is safe and not a public-access machine).
• RTGS transactions have no fees or charges thanks to the directive from the RBI that came into effect on July 01, 2019
• RTGS transfer time are as follows – Available 24 hours, 7 days a week and 365 days a year.

Read More: What is RTGS and How Does it Works?

Conclusion

As you can see, RTGS fund transfer is a quick and safe method for transferring funds and can be used when you have to share a large amount. There are no stipulated limitations to RTGS timings, and this fund transfer can be done 24*7*365.

To make an RTGS transfer, all you need to input are the following:

• Your account details.
• Beneficiary account number.
• Beneficiary bank and branch details.
• Name of the beneficiary.
• IFSC code for the receiving bank.
• Amount to be transferred.
• Remarks, if any.

FAQs