RTGS

Overview

RTGS is a real-time electronic fund transfer mechanism in which transactions are settled individually on a transaction-by-transaction basis. It enables customers to transfer funds between accounts maintained with different banks through the RBI payment infrastructure. Our bank, PyGB is one of the participants in this system introduced by RBI. Customers can transfer money from one account to another, between two bank accounts of their own, or from their account to others’ accounts in different banks.

Objectives/Benefits

It is a safe and secure system for funds transfer.

RTGS transactions / transfers have no maximum amount cap.

The system is available on all days. 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.

The transaction charges have been capped by RBI.

The transaction has legal backing.

Credit to Beneficiary’s Account on the same day. (Next day if remittance is done late in the evening).

Confirmation of transaction is sent to the remitter by SMS.

No charges for inward Remittance.

Money can be put to use by the beneficiary on the same day.

Eligibility

Customers of PyGB can send/receive remittances under RTGS Scheme to/from any destination Bank/Branch which is registered with RBI’s RTGS System.

Essential Details Required

Amount to be remitted

The account number to be debited

Name of the beneficiary bank and branch

The IFSC number of the receiving branch

Name of the beneficiary customer

Account number of the beneficiary customer

Sender to receiver information, if any

Important Considerations

Originating and destination bank branches are part of the RTGS network.

Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter.

Extreme care should be exercised in providing the account number of the beneficiary, as, during processing RTGS transactions, the credit will be given to the customer’s account solely based on the account number provided in the RTGS remittance instruction / message.

Amount of Remittance

Minimum amount ₹2 lakhs.

There is no ceiling for maximum amount of remittance/ transaction.