'Real Time Gross Settlement', RTGS, is the fastest possible money transfer system through the banking channel. Because settlements are made in real time, transactions are not subject to any waiting periods. With RTGS, transferring money becomes an easier, faster process.

Is there a fee?

RTGS transactions are charged as below:

• Rs 2 lakh to Rs 5 lakh - Rs. 25 (inclusive of taxes) per transaction.
• Above Rs 5 lakh - Rs. 50 (inclusive of taxes) per transaction

Important Instructions

The Funds transfer request through RTGS mode can be made only from 9am to 3.00pm, from Monday to Friday and from 9am to 12.30 pm on Saturdays. There will be no RTGS transactions possible on Bank holidays and Sundays.

The money will reach the Beneficiary's Bank within the time stipulated by RBI.Contact Details of your RTGS related complaints

Mr. Rokade Satishkumar
Asst chief Manager
Nagar Urban co –op Bank Ltd.
Post Box No. 7 Bank Road
Ahmednagar 414 001
Phone: 0241 2417805/2417806

What is RTGS Funds Transfer?
An inter-bank funds transfer system that makes transactions in 'real time' RTGS Timing at branches.

What are the benefits?

• Speed – transfers in real-time
• Faster settlement cycles – no more inter-bank or clearing house settlement issues
• Wider boundaries – no geographical limitations within India

FAQs on RTGS system

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 receive an acknowledgement of money credited to the beneficiary's account?
The remitting bank receives a message from the Reserve Bank that money has been credited to the receiving bank. Based on this the remitting bank can advise the remitting customer through SMS that money has been credited to the receiving bank.

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 about Processing Charges/Service Charges for RTGS transactions?
With a view to rationalize the service charges levied by banks for offering funds transfer through RTGS system, a broad framework has been mandated as under:

• Inward transactions - Free, no charge to be levied.
• Outward transactions -
• Rs. 2 lakh to Rs. 5 lakh - not exceeding Rs. 30 per transaction
• Above Rs. 5 lakh - not exceeding Rs. 55 per transaction.

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 :

• Amount to be remitted
• Remitting customer's account number which is to be debited
• Name of the beneficiary bank and branch
• Name of the beneficiary customer
• Account number of the beneficiary customer
• Sender to receiver information, if any
• The IFSC number of the receiving branch

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.

Do all bank branches in India provide RTGS service?
Yes. All the bank branches in India are RTGS enabled. Presently, there are more than 47 RTGS enabled bank branches.

Whom do I can contact, in case of non-credit or delay in credit to the beneficiary account?
Contact your bank/branch. If the issue is not resolved satisfactorily, complaint may be lodged to the Customer Service Department of RBI at -
The Chief General Manager,
Reserve Bank of India,
Customer Service Department,
1st Floor, Amar Building, Fort,
Mumbai - 400 001

How do I check the IFSC of the receiving branch?
Just ask your beneficiary to get the IFSC from his or her branch.

All e-monies National Electronic Funds Transfer
Can I use e-Monies NEFT for foreign remittances?
This is a service designed only for remitting Indian Rupees within India.

What is IFSC? How is it different from the MICR code?
IFSC stands for ‘Indian Financial System Code’. It is an 11 digit, alpha numeric code designed to identify bank branches in India. The MICR code uses 9 digits to identify bank branches.

Is the e-Monies NEFT system better than the existing RBI-EFT system?
E-Monies NEFT has no restrictions, because it’s based on a centralized network. That’s not the case for the RBI-EFT system.

What information is required to use the e-monies NEFT service?
To use this service, you should provide the beneficiary details (name and account number), and the name and IFSC of the beneficiary bank branch.

If the money is not credited to the beneficiary’s account while using the e-monies NEFT service, will I get it back?
Your funds will be returned to your account if they are not credited.

How does the e-monies NEFT service differ from RGTS and EFT?
E-Monies NEFT is an electronic payment system, used to transfer funds to any part of India. It works on ‘net settlement’, unlike RTGS that works on ‘gross settlement’.

What are the charges for the e-monies National Electronic Funds Transfer service?
NEFT transactions are charged as below:

• Inward transactions - Free, no charge to be levied.
• Outward transactions -
• Rs. 1 to 10,000/- Rs 2.5/- per transaction
• Rs. 10.001 to Rs. 1 lakh - not exceeding Rs. 5 per transaction
• Rs. 1 lakh to Rs. 2 lakh - not exceeding Rs. 15 per transaction