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RTGS

RTGS - Real Time Gross Settlement

The acronym 'RTGS' stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting). 'Real Time' means the processing of instructions at the time they are received; 'Gross Settlement' means that the settlement of funds transfer instructions occurs individually.

Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

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.

RTGS offers many advantages over the other modes of funds transfer
  • It is a safe and secure system for funds transfer.
  • RTGS transactions / transfers have no amount cap.
  • The system is available on all days when most bank branches are functioning, including Saturdays.
  • There is real time transfer of funds to the beneficiary account.
  • The remitter need not use a physical cheque or a demand draft.
  • The beneficiary need not visit a bank branch for depositing the paper instruments.
  • The beneficiary need not be apprehensive about loss / theft of physical instruments or the likelihood of fraudulent encashment thereof.
  • Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.
  • The transaction charges have been capped by RBI.
  • The transaction has legal backing.


The remitting customer has to furnish the following information to a bank for initiating a RTGS remittance:
  1. Amount to be remitted
  2. The account number to be debited
  3. Name of the beneficiary bank and branch
  4. The IFSC number of the receiving branch
  5. Name of the beneficiary customer
  6. Account number of the beneficiary customer
  7. Sender to receiver information, if any