RTGS Full Form is “Real Time Gross Settlement”
R = REAL
T = TIME
G = GROSS
S = SETTLEMENT
As its name suggests, through this you can send money from one account to another securely online in real time.
What Is RTGS
RTGS is the fastest service to transfer money. With RTGS, you can send money online from one bank account to another bank account, that too at any time. RTGS is used for large fund transfers. In this, the bank has to transfer it to the account within 30 minutes of receiving the funds. Funds transfer up to a minimum of Rs 5 lakh can be done in RTGS.
And if for some reason the money transferred by you is not able to reach the one you sent, then the entire amount is returned to your account in 2 hours. For transfers up to Rs 2 to 5 lakhs through RTGS, a fee of up to Rs 30 is levied.
How to fill RTGS Form
To do offline RTGS, first go to the bank and take the form of RTGS. RTGS / NEFT is written at the top of the form, tick the one you want to select from them. Now write the day on which RTGS is to be done on the form in the date option.
Step 1: Beneficiary
In this you will get the options of account number, account holder name, IFSC code and branch, Rs.
- Account Number – In the account number, enter the account number of the person to whom you want to send or transfer money.
- Account Holder Name – Fill in the name of the account holder to whom you want to transfer the payment.
- IFSC Code – Enter the branch where you want to transfer the payment and its IFSC code and branch name.
- Rupees – Fill the amount you have to pay in this.
Step 2: Detail of Applicant
In this option also you have to fill the details of the applicant.
- Account Number – In Account Number, you have to type your Account Number.
- Account Holder Name – In this, fill in the name with which your bank account is.
- Rupees – Fill your Payment Amount in Rupees.
- Mobile Number – Type your mobile number in it.
Step 3: How to fill RTGS check
There are 2 options on the check which is required to do RTGS; One Rupees and the other Name.
- Name – On this you have to write Your Self.
- Rupees – In this you have to fill the payment amount.
Now do your signature on the check, now by attaching this check and form, you give it to the bank officer, your RTGS will be done.
How to do RTGS
You can do RTGS using Internet Banking. Inside this you have to add the fund transfer to your account in the form of Payee and Beneficiary Customer, where you have to enter all the information about that customer. And after that the bank checks the details of that beneficiary, for this the bank takes 12-24 hours to check the details of the beneficiary.
When the process of checking is completed by the bank, then the Beneficiary Customer is activated by the bank. After which you can transfer funds to that Beneficiary Customer. To add any person to your bank account as a Beneficiary or Payee, you must have some information of the Beneficiary Customer, otherwise you cannot add him as a Beneficiary through your Internet Banking.
- Name of Bank and Bank Branch
- name and account number
- IFSC code of their bank
Requirements to do RTGS
To transfer money through RTGS, you will need all these things:
- Bank Name
- Bank Account Number
- Branch Name
- IFSC Code
Difference Between RTGS And NEFT
- The money transferred by NEFT reaches the second account after a few hours. Whereas the money transferred through RTGS reaches instantly.
- In NEFT, you can transfer any amount from one rupee to a maximum of 2 lakhs in RTGS and maximum you can transfer as many as you want.
- The time limit for doing RTGS is from 8:00 am to 4:30 pm and the time limit for transferring money in NEFT is from 8:00 am to 7:00 pm.