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Business News/ Money / Personal Finance/  New RTGS timings from today: 5 things to know
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New RTGS timings from today: 5 things to know

The RTGS system is primarily meant for high-value transactions. It happens on a real-time basis
  • Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week
  • Effective today, the real time gross settlement (RTGS) system will be available 24x7.Premium
    Effective today, the real time gross settlement (RTGS) system will be available 24x7.

    The transfer of funds through Real-Time Gross Settlement (RTGS) will be made available round-the-clock from today (1 December). The Reserve Bank of India (RBI) had in October said that customers will get round-the-clock, 365 days a year from 1 December. "With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system," RBI Governor said after the the meeting of the Monetary Policy Committee (MPC). Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.

    1) Effective today, the real time gross settlement (RTGS) system will be available 24x7.

    2) Earlier, transfer of funds through the system was available for customer transactions from 7.00 am to 6.00 pm on all working days of a week. Now, the transfer of funds can be done round-the-clock.

    3) The RTGS system is primarily meant for high-value transactions. It happens on a real-time basis.

    4) The minimum amount to be remitted through RTGS is 2 lakh with no maximum limit.

    5) In this transfer, the beneficiary bank receives the instruction to transfer funds immediately when you carry out the transaction, and the transfer is instantaneous.

    From July 2019, RBI stopped levying charges on transactions through NEFT and RTGS, with an aim to promote digital transactions in the country.

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    Published: 01 Dec 2020, 08:36 AM IST
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