RTGS Timings

The Real Time Gross Settlement (RTGS) facility is a fund transfer service provided by banks for large-value transactions. There are no restrictions on RTGS timings, irrespective of the bank in which you have an account. The fund transfer facility is available round the clock, 24x7, on all 365 days of the year. So, you can instantly transfer large sums of money from your bank account to the beneficiary’s account via RTGS even on banking and national holidays. Generally, the minimum amount you can transfer via the RTGS facility is ₹2 Lakhs. The maximum amount varies from one bank to another.

RTGS transactions occur in real-time, so the time taken to process such a transaction is usually a few minutes. To ensure there are no delays in the amount being credited to the beneficiary account, RBI has made it mandatory for banks to strictly adhere to the RTGS processing time. In fact, all RTGS transactions are required to be cleared within a maximum of 30 minutes after receiving a transfer request. A confirmation SMS is also sent out notifying that the amount has been debited and will be credited shortly.

Below is a table stating the RTGS timings for online channels followed by some of the popular banks in the country.

While RTGS, as a mode of fund transfer, is easy and hassle-free, you need to keep a few things in mind to ensure that the RTGS payment time is minimal.

• Check if both your and the beneficiary’s banks are RTGS-enabled

• Take note of the bank’s cut-off time as it can impact the RTGS transaction time

• For online transactions, you must have an active net banking account

• Ensure that you provide the correct details with regards to the beneficiary account as well as the debit account to reduce the RTGS processing time

Despite the transaction being initiated within the specified bank timings, in some cases, the RTGS transaction may fail to be processed and could get cancelled. This may occur for a variety of reasons, such as incorrect beneficiary account details, frozen account, wrong IFSC code entered, etc. The money debited from your account for such an RTGS transaction will be reverted within an hour or before the end of the RTGS closing time, whichever is earlier.

In case you fail to receive the money within the RTGS time window, you must immediately contact the Reserve Bank of India’s customer service department. There are two ways to do so:

1) Send a letter to the below-mentioned address stating your concern

The Chief General Manager,

Reserve Bank of India,

Customer Service Department,

1st Floor, Amar Building,

Fort, Mumbai,

Maharashtra 400 001

2) Write an email and send it to cgmcsd@rbi.org.in

Apart from RTGS, you can also use IMPS or NEFT to transfer money from one account to another. The NEFT timings, NEFT transfer limit, and NEFT fees and charges will, however, be different from that of RTGS, and so will be the IMPS transfer limit and IMPS fees and charges. You can check out the difference between IMPS vs NEFT vs RTGS and select the mode that suits you best!