Understanding the charges associated with Real-Time Gross Settlement (RTGS) transfers is essential when conducting high-value transactions. By knowing the fees, you can make informed decisions and ensure cost-effective and efficient fund transfers. This article will discuss the current RTGS fees applicable in 2024, providing an overview of the cost structure for different transaction amounts.

RTGS Charges 2024

According to the RBI’s latest guidelines, online RTGS transactions initiated through netbanking and mobile apps are exempt from processing fees. However, offline RTGS transactions through bank branches typically incur fees ranging from ₹25 to ₹50, depending on the bank and transaction amount.

Additionally, a Goods and Services Tax (GST) is applicable to the transferred amount. It’s worth noting that the RBI sets these maximum charges, and banks can charge lower fees than those mandated.

What Are the Applicable Fees for RTGS Transactions?

For online transactions, no fees apply. However, for offline transactions, here’s a detailed breakdown of the applicable fees charged by typical banks:

Transaction Amount 

Transaction Charges

Less than 2,00,000


Rs 2,00,000 to Rs 5,00,000

Rs 24.50 + GST

Above Rs 5,00,000 but less than Rs 10,00,000

Rs 49.50 + GST



In addition to service fees, some banks may charge other fees, such as processing or convenience. These additional fees vary across banks and should be considered while making high-value transactions.

RTGS Charges For Top Indian Banks

Here is a breakdown of RTGS charges for some of the top Indian banks:

HDFC Bank RTGS Charges

HDFC Bank does not levy any charges for online RTGS transactions, irrespective of the transaction amount. However, charges apply for branch-based RTGS transactions:

  • A flat fee of Rs 15 plus GST is levied.

Axis Bank RTGS Charges

Like HDFC Bank, Axis Bank also does not levy charges for online RTGS transactions. However, for branch-based RTGS transactions:

  • Transactions between Rs 2 lakh and Rs 5 lakh incur a fee of Rs 25 plus GST.
  • Transactions above Rs 5 lakh attract a fee of ₹50 plus GST.

PNB RTGS Charges

Punjab National Bank also offers free online transactions, and charges the following for the offline transactions:

  • Transactions between Rs 2 lakh and Rs 5 lakh are subject to a fee of Rs 24.50 plus GST.
  • Transactions above Rs 5 lakh incur a fee of Rs 49.50 plus GST.

RBL Bank RTGS Charges

RBL Bank also does not charge any fees for online RTGS transactions. For transactions at branches:

  • Transactions between Rs 2 lakh and Rs 5 lakh are subject to a fee of Rs 20 plus GST.
  • Transactions above Rs 5 lakh incur a fee of Rs 40 plus GST.

ICICI Bank RTGS Charges

ICICI Bank offers free online RTGS transactions without any charges. However, for branch-based transactions:

  • Transactions between Rs 2 lakh and Rs 5 lakh attract a fee of Rs 20 plus GST.
  • Transactions above Rs 5 lakh have a fee of Rs 45 plus GST.

Why Choose RTGS for High-Value Fund Transfers?

RTGS is an ideal option for high-value fund transfers due to several reasons. Firstly, RTGS ensures real-time processing, meaning the funds are transferred instantly and settled in the recipient’s account within two hours. This makes it highly suitable for time-sensitive transactions, such as property deals or urgent payments.

Secondly, RTGS provides enhanced security features that protect the transfer of large sums of money. The payment system operates on a gross settlement basis, which means each transaction is settled individually without netting off against other transactions. This minimises the risk of fraud or unauthorised access to funds.

Lastly, RTGS is a reliable method for high-value transfers as it is facilitated by the Reserve Bank of India (RBI). The central bank oversees and regulates all RTGS transactions to ensure smooth and efficient processing.

Tips for Cost-Effective RTGS Transactions

To minimise RTGS fund transfer charges, consider the following tips:

  • Prefer Online Transfers: Following the new RBI guidelines, online RTGS transactions are now free. Therefore, conducting transactions online is the most cost-effective method for sending money.
  • Compare Fees: Different banks may have varying charges for RTGS transfers. Research and compare the fees offered by various banks to find a cost-effective option.

  • Transaction Amount: Some banks offer discounted or waived charges for higher transaction amounts. If possible, consolidate multiple smaller transfers into a single, larger transaction to take advantage of these benefits.

  • Preferred Banking Solutions: Some banks provide preferential pricing on their bundled banking solutions, which may include reduced charges or even free RTGS transactions.

Frequently Asked Questions

Is RTGS transfer free?

RTGS transfers are generally free for online transactions, but some banks may charge fees for branch-based transactions.

What is cheaper NEFT or RTGS?

NEFT is generally cheaper than RTGS, especially for smaller transactions. RTGS is designed for high-value transfers and typically incurs higher fees. Check with your bank for specific charges.

Is GST applicable on RTGS transactions?

Yes, GST is applicable on the transferred amount for offline RTGS transactions. The GST rate will depend on the specific bank’s charges.

What are the charges for RTGS as per RBI guidelines?

The RBI sets maximum charges for RTGS: ₹24.50 + GST for transactions between Rs 2-5 lakh and ₹49.50 + GST for transactions above Rs 5 lakh. Banks can charge lower fees.

How are RTGS charges calculated?

RTGS charges are generally calculated based on the slab system, where different slabs have different charges associated with them. For example, transferring up to ₹5 lakh may have a lower charge compared to transferring between ₹5 lakh and ₹10 lakh.

What is the charge of RTGS in SBI?

The charges for RTGS in the State Bank of India (SBI) can vary depending on factors such as the amount being transferred and the type of account. It is recommended to refer to SBI’s official website or contact their customer support for the most accurate and up-to-date information on RTGS charges.

How do RTGS charges compare with fees associated with other electronic fund transfer methods?

RTGS charges tend to be higher than fees associated with other electronic fund transfer methods like NEFT (National Electronic Funds Transfer). However, RTGS offers real-time settlement and is suitable for high-value transactions requiring immediate funds transfer.

Can the timing of an RTGS transaction influence the applicable charges?

Some banks may offer lower charges for RTGS transactions done during non-peak hours.

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