The Reserve Bank of India (RBI), from December 1, allowed the transfer of funds through Real-Time Gross Settlement (RTGS) system available for customers 24×7.
RTGS is used for large-value transactions; the minimum amount to be remitted through RTGS is Rs 2 lakh with no maximum limit. This is done in order to boost the adoption of digital payments.
Till November 30, RTGS was available from 7 am to 6 pm on all working days of a week , except second and fourth Saturdays of every month for customers.
Here are 5 things you should know:
– The real time gross settlement (RTGS) system will be available 24×7 from December 1.
– Previously, RTGS facility was available from 7 am to 6 pm for customers on all working days of a week.
– The RTGS system is primarily meant for high-value transactions. It happens on a real-time basis.
– The minimum amount to be remitted through RTGS is Rs 2 lakh with no maximum limit.- In this transfer, the beneficiary bank receives the instruction to transfer funds immediately when you carry out the transaction, and the transfer is instantaneous.
