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AUCB Akola Banking Services >> RTGS - Frequently Asked Questions (FAQs) AUCB Akola
 
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What is RTGS System?
 
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
 
How RTGS is different from National Electronics Funds Transfer System (NEFT)?
 
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. For example, currently, NEFT operates in hourly batches. [There are twelve settlements from 8 am to 7 pm on week days and six settlements from 8 am to 1 pm on Saturdays.] Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours.
 
Is there any minimum / maximum amount stipulation for RTGS transactions?
 
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 Lakh. There is no upper ceiling for RTGS transactions.
 
What is the time taken for effecting funds transfer from one account to another under RTGS?
 
Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.
 
Would the remitting customer get back the money if it is not credited to the beneficiary's account? When?
 
Yes. Funds, received by a RTGS member for the credit to a beneficiary customer's account, will be returned to the originating RTGS member within two hours of the receipt of the payment at the PI of the recipient bank or before the end of the RTGS Business day, whichever is earlier, if it is not possible to credit the funds to the beneficiary customer's account for any reason e.g. account does not exist, account frozen, etc. Once the money is received back by the remitting bank, the original debit entry in the customer's account is reversed.
 
What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be effected?
 
The remitting customer has to furnish the following information to a bank for initiating a RTGS remittance:
  1. Amount to be remitted
  2. Remitting customer's account number which is to be debited.
  3. The IFSC Number of the receiving branch.
  4. Name of the beneficiary bank and branch.
  5. Name of the beneficiary customer.
  6. Account number of the beneficiary customer.
  7. Sender to receiver information, if any
 
How would one know the IFSC code of the receiving branch?
 
The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code is also available on the cheque leaf. The list of IFSCs is also available on the RBI website (http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0112.xls). This code number and bank branch details can be communicated by the beneficiary to the remitting customer. OR by searching the Internet e.g. Google etc.
 
Do all bank branches in India provide RTGS service?
 
No. All the bank branches in India are not RTGS enabled. Presently, there are more than 100000 RTGS enabled bank branches. The list of such branches is available on RBI website at: http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0112.xls
 
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