RBI Extends RTGS Timing Till 6 P.M. From June 1
The timing for fund transfer through real-time gross settlement, or RTGS, has been extended by one-and-a-half hours to 6 p.m. for the general public from June 1, the Reserve Bank of India said on Tuesday.
Under the RTGS fund transfer system, there is a continuous and real-time settlement of transactions, individually on a transaction by transaction basis (without netting).
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling.
"It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm," RBI said in a notification.
The new RTGS timing will be applicable from June 1.
Charges for outward RTGS transactions (excluding tax) will be:
- No charge for transactions between 8 a.m. and 11 a.m.
- Rs 2 per transaction between 11a.m. and 1 p.m.
- Rs 5 per transaction between 1 p.m. and 6 p.m.
- Rs 10 per transaction after 6 p.m.
Apart from RTGS, the National Electronic Funds Transfer is another popular form of fund transfer where there is no limit on amount transacted. NEFT however operates in hourly batches. State Bank of India, at present, provides 12 settlements from 8 a.m. to 7 p.m. on weekdays and five settlements from 8 a.m. to 1 p.m. on Saturdays.