Reserve Bank of India (RBI) has extended the fund transfer timing via RTGS to 6 PM from existing 4:30 PM w.e.f 01st June 2019. The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6 pm from existing 4:30 pm.
What is RTGS ?
The Real Time Gross Settlement, is an online fund transfer facility, enabled by the RBI, this facility extends the transmission of funds on a real-time basis. The minimum amount for the transaction to be eligible as an RTGS transfer is Rs 2 lakh.
The customer is charged a ‘time-varying charge’ on each outward transaction in addition to the flat processing charge.
RTGS FEES other than the existing processing fees
The fee for transfers between 8 am to 11 am is – NIL,
From 11 am to 1 pm is – Rs 2, and
From 1 pm to 6 pm is – Rs 5.
The fee for transfers made after the initial cut off of 6 pm – Rs 10.
The initial cut off for customer transactions will be 6 pm and the final cut off for inter-bank transactions will be 7:45 pm. The IDL reversal will take place between 7:45 pm and 8 pm.