for Customer Transaction / Remittances–
The Real Time Gross
Settlement (RTGS) System aims to do what e-mail did for the post
card. Instead of sending instructions for payments through
cheques, with Real Time Gross Settlement System banks can route
payments through on-line messages to RBI’s RTGS Payment Gateway.
As electronic messages move instantaneously the transactions can
be concluded immediately unlike in the case of cheque clearing.
In RTGS environment the payer has to inform his bank to debit
his account and credit the payee’s account with an equivalent
amount. With RTGS, money would move faster and transactions
would be settled in a matter of minutes and the payee would have
funds in his account within a maximum time-frame of two hours of
RTGS is an electronic payment system of Reserve Bank of India
which provides online settlement between participating Banks
continuously throughout the day. Using RTGS Customers of the
Bank can make payment to the beneficiary’s account in another
RTGS facilitate the funds transfer across the Banks and
Branches. At present 95 Banks and 1435 Branches are under RTGS
system. Under RTGS system Inter Bank transactions and Customer
Transactions has been enabled by the Reserve Bank of India.
Customer Transaction can be outward or inward remittances i.e.
Funds can be transferred by or received by the Customer under
RTGS system. The unique feature of the system is unlike other
clearing system in RTGS Funds can be transferred or received
Just In Time i.e. within 2 hours of instructions so given that
to at cost less than draft charges.
For sending the funds through the RTGS all you have to do is
fill & sign the Funds Transfer Instruction Form ( available at
Branches ) along with all the necessary details, such as Name of
the beneficiary, Name of the Bank and Branch, A/c No. and IFSC
Code of the beneficiary’s Bank.
For receipt of the funds you need to give the IFSC Code of our
Bank & Branch to the remitter of the funds.
After the instructions are received in prescribed form, duly
signed in we will remit the funds through RTGS and within 2
hours funds will be credited to beneficiary’s account.