What is RTGS System 2025

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The document provides a comprehensive overview of the Real Time Gross Settlement (RTGS) system, detailing its functionality as a fast money transfer mechanism between banks that operates in real time and on a gross basis. It contrasts RTGS with the National Electronic Funds Transfer (NEFT) system, highlighting differences in transaction processing times and settlement methods. The document also outlines minimum transaction amounts, service availability hours, processing charges, required information for remittance, and tracking options for customers. Additionally, it addresses common queries regarding RTGS-enabled branches and customer support for transaction issues.

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What is RTGS and how it works?

The Real-Time Gross Settlement (RTGS) system offers a secure and efficient way to transfer large sums of money electronically within India, with the added convenience of 24/7 availability. This means you can initiate and complete RTGS transactions any day of the week, including weekends and holidays.

What are the disadvantages of RTGS transfer?

Disadvantages of RTGS Higher transaction costs. RTGS incurs higher charges compared to other electronic payment systems like NEFT or IMPS. Minimum transfer limit. RTGS transfers have a minimum transfer amount limit of ₹2 lakh. Lack of payment scheduling.

Why are RTGS not used?

RTGs have been used as power sources in satellites, space probes, and uncrewed remote facilities such as a series of lighthouses built by the Soviet Union inside the Arctic Circle. However, the Western Bloc did not use RTGs in this way due to worries about their risk to humans in a radiological accident.

What is the difference between RTGS and SWIFT?

RTGS is used to process payments within the same country, whereas SWIFT is used to process payments between different countries. Another difference is that RTGS payments are processed in real-time, while SWIFT payments are processed in batches.

Can RTGS be used for international transfer?

The RBI counsel said any international transfer cannot be RTGS. The RBI in its response stated that foreign transactions are covered under Foreign Exchange Management Act, and NEFT, RTGS and IMPS are domestic payment systems and scheduled banks within India have access to them.