Now RTGS Fund Transfer Timing is Extended to 6 PM

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.

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