RTGS: Real-Time Gross Settlement
The RTGS full form is Real Time Gross Settlement which means the payment settles instantly.
RTGS is also a mode of payment transfer from one bank account to any other bank account. This mode of payment transfer system has some benefits as well as disadvantages as well.
Limitations and Benefits Of RTGS
Like NEFT for RTGS also you can make payment online and also by visiting your bank.
The first limitation is there is a minimum payment limit of Rs. 2 Lac for RTGS, below this amount you have to opt for NEFT which takes a min or max 3 hrs for payment settlement.
The second limitation is you can process RTGS in working hours only just like NEFT.
The benefits are, payment settles immediately unlikely in NEFT which take 3hrs for settlement of payment in beneficiaries account.
There is no maximum limit for RTGS transfer mode.
Details Required For RTGS
- Account Number of beneficiary
- Name OF beneficiary
- Name Of Bank
- IFSC of branch
A separate form is always provided by a bank for RTGS and after filling that form you can transfer any amount above 2 Lacs via RTGS mode.
The time of RTGS is from 8:00 AM to 05:00 PM on working days. If the bank is not open you cannot perform RTGS from your internet banking option as well.
Other full forms
- HSBC full form, Business and History
- HDFC Full Form, Services and History
- Full form of ICICI, Services and History
Hope this information will help you and you enjoyed reading! You are reading RTGS full form and its services.
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