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    RTGS (Real Time Gross Settlement)

    Uploaded by

    Raghav Thakur
    This document provides information about RTGS (Real Time Gross Settlement), which is a funds transfer system in India that enables real-time settlement of payments and transfers between banks. Some key points: - RTGS was launched in India in 2004 and is operated by the Reserve Bank of India. It allows for continuous transfer of money from one bank to another on a real-time and gross settlement basis. - Transactions through RTGS must be above Rs. 2 lakh. It provides safe, secure, and immediate transfer of large sums of money across banks. - To initiate an RTGS transfer, one needs details like the beneficiary's bank IFSC code, account number, and name. Both parties'

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    RTGS (Real Time Gross Settlement)

    Uploaded by

    Raghav Thakur
    105 views10 pages
    This document provides information about RTGS (Real Time Gross Settlement), which is a funds transfer system in India that enables real-time settlement of payments and transfers between banks. Some key points: - RTGS was launched in India in 2004 and is operated by the Reserve Bank of India. It allows for continuous transfer of money from one bank to another on a real-time and gross settlement basis. - Transactions through RTGS must be above Rs. 2 lakh. It provides safe, secure, and immediate transfer of large sums of money across banks. - To initiate an RTGS transfer, one needs details like the beneficiary's bank IFSC code, account number, and name. Both parties'

    Original Title

    RTGS (REAL TIME GROSS SETTLEMENT)

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    This document provides information about RTGS (Real Time Gross Settlement), which is a funds transfer system in India that enables real-time settlement of payments and transfers between banks. Some key points: - RTGS was launched in India in 2004 and is operated by the Reserve Bank of India. It allows for continuous transfer of money from one bank to another on a real-time and gross settlement basis. - Transactions through RTGS must be above Rs. 2 lakh. It provides safe, secure, and immediate transfer of large sums of money across banks. - To initiate an RTGS transfer, one needs details like the beneficiary's bank IFSC code, account number, and name. Both parties'

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    105 views10 pages

    RTGS (Real Time Gross Settlement)

    Uploaded by

    Raghav Thakur
    This document provides information about RTGS (Real Time Gross Settlement), which is a funds transfer system in India that enables real-time settlement of payments and transfers between banks. Some key points: - RTGS was launched in India in 2004 and is operated by the Reserve Bank of India. It allows for continuous transfer of money from one bank to another on a real-time and gross settlement basis. - Transactions through RTGS must be above Rs. 2 lakh. It provides safe, secure, and immediate transfer of large sums of money across banks. - To initiate an RTGS transfer, one needs details like the beneficiary's bank IFSC code, account number, and name. Both parties'

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    RTGS (REAL TIME

    GROSS
    SETTLEMENT)

    PRATYUSHA BASU (20BSP1690)


    RAGHVENDRA THAKUR
    (20BSP1769)
    INTRODUCTION ON E-TRANSFER SYSTEM IN
    INDIA
    • With the online technology , online money
    transfer has become the easiest way of
    transferring money. The three major ways are-
    1. NEFT (NATIONAL ELECTRONIC
    TRANSFER FUND)
    2. RTGS (REAL TIME GROSS
    SETTLEMENT)
    3. IMPS (IMMEDIATE PAYMENT
    SERVICE)

    2
    ABOUT RTGS (REAL TIME GROSS
    SETTLEMENT)
    In India this system was launched on march 26, 2004 (on pilot basis by involving 4
    banks) by RBI

    • Continuous (real time) settlement of funds transfer


    immediately on an order by order basis without netting.
    • Consists of 2 parts -
    1. Real time
    2. Gross settlement
    • Functionality of RTGS system in India is monitored by
    RBI
    • Payments are final are irrevocable.
    • Meant for larger transactions.
    3
    FEATURES OF RTGS

    • Safe and secure with RBI’s backing.


    • RTGS operates 24*7.
    • Real time online fund transfer.
    • Immediate clearing of payment.
    • Funds credited on gross and one-on-one
    basis.
    • Used for high value transactions.

    4
    INFORMATION REQUIRED FOR
    INITIATING RTGS REMITTANCE

    The person (sender) who initiates the transfer must have the following details:-

    • Indian Financial System Code (IFSC) of the beneficiary’s bank.


    • Name of beneficiary, Account number of the beneficiary, Amount to be remitted
    • Name of the beneficiary’s bank and branch
    • Account number of the sender/originator.

    Along with this, the bank branches of both the parties need to be RTGS-enabled, only
    then the transaction will be processed.

    5
    ADVANTAGES AND DISADVANTAGES

    Advantages of RTGS Disadvantages of RTGS


    • SAFE AND SECURE • THE MINIMUM AMOUNT THAT
    • NO ROOM FOR DELAY CAN BE REMITTED IS Rs 2 LAKH
    WITH NO UPPER LIMIT.
    • WIDER BOUNDARIES
    • CONVENIENT WAY OF
    TRANFERRING MONEY
    • NOW AVAILABLE 24*7

    6
    MODES AVAILABLE TO PERFORM RTGS
    There are 2 modes to transfer funds-
    1. BRANCH
    2. INTERNET BANKING

    STEPS TO DO RTGS OFFLINE :

    VISIT THE FILL UP TE RTGS ATTACH A CHEQUE SUBMIT THE


    NEAREST RTGS TRANFER LEAF ALONG WITH REQUEST FORM
    ENABLED REQUEST FORM THE REQUEST FORM TO BANK
    BRANCH OFFICIALS

    BANK OFFICIAL WILL DEBIT THE


    AMOUNT FROM YOUR ACCOUNT
    TO THE BENEFICIARY’S BRANCH.
    7
    STEPS TO DO RTGS ONLINE

    NEXT SELECTING
    NEED TO LOGIN THE RTGS MODE ACCEPTING TEMS
    NET BANKING ADDING THE
    UNDER THE FUND & CONDITIONS
    ACCOUNT OF THE BENEFICIARY
    TRANSFER TAB AND SUBMIT THE
    BANK BY VISITING ACCOUNT
    AND ENTERING RTGS FORM
    BANK WEBSITE DETAILS
    THE AMOUNT

    FEES AND CAHRGE APPLICABLE:


    • RS 30 PER TRANSACTION PLUS GST – [ TRANSACTION AMOUNT BETWEEN 2 LAKH-5
    LAKH ]
    • RS 55 PER TRANSACTION PLUS GST – [ TRANSACTION ABOVE 5 LAKH ]

    8
    COMPARISON BETWEEN NEFT, RTGS AND IMPS
    Basis NEFT RTGS IMPS

    Settlement Real Time


    Type
    Done in Batches Real Time
    Minimum
    Transaction Re.1 Rs.2 Lakh Re. 1
    Maximum
    Transaction
    No Limit No Limit Rs. 2 Lakh
    Service Timings Available 365 days 24x7 Available 365 days 24x7 Available 365 days
    24x7
    Transaction Charges for remittance
    No charges for inward Charges applicable for
    Charges through IMPS are
    transactions outward transaction
    decided by the individual
    inclusive of GST
    member banks and PPI’s.

    9
    Thank You!

    10

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