RTGS Transfer Time and Transaction
RTGS, which stands for Real Time Gross Settlement is one of the fund transfer systems where money can be transferred from one bank to another on a 'real time' and on a 'gross' basis. It is the fastest of all interbank money transfer facility available to customers in the country under secure banking channels. To opt for RTGS facility, customers are required to submit details like beneficiary's name, name of bank branch, IFSC code, account number, type of account, remitter's account number etc.
RTGS systems are used to transfer high-value transactions that require immediate clearing. The objective of RTGS system is to minimize risk as well as to provide an accurate picture of an institution's account at any given point of time. RTGS facility offered by banks can be availed by the customers between a specific period of time on weekdays and on first and third Saturdays. Here, we have compiled a list of the timings when RTGS service offered by the top banks in the country can be availed and the charges associated with it.
With effect from 14 December 2020, RTGS payments are now available to consumers around-the-clock, 365 days a year, in compliance with RBI directive. This suggests that any time, including holidays and outside of usual business hours, can be used to start a transaction.
Step-by-Step Process to Initiating an RTGS Transfer
To carry out an RTGS transaction, follow these steps:
- Log into your bank’s net banking or mobile banking portal.
- Navigate to ‘Fund Transfer’ and select ‘RTGS’.
- Enter the beneficiary details:
Name
Account Number
IFSC Code
- Name
- Account Number
- IFSC Code
- Enter the transfer amount (minimum ₹2 lakh).
- Review charges (if applicable) and confirm.
- Receive a Unique Transaction Reference (UTR) number as a confirmation.
Bank-wise RTGS Transfer Timings in India
While RTGS operates on an RBI-regulated schedule, individual banks may have internal cut-off times.
Bank Name | RTGS Timings (Weekdays) | Saturday Timings |
SBI | 7:00 AM – 6:00 PM | 7:00 AM – 2:00 PM |
HDFC Bank | 8:00 AM – 5:30 PM | 8:00 AM – 1:30 PM |
ICICI Bank | 7:00 AM – 6:00 PM | 7:00 AM – 2:00 PM |
Axis Bank | 7:00 AM – 6:00 PM | 7:00 AM – 2:00 PM |
Minimum and Maximum RTGS Transaction Limits
- Minimum RTGS Transfer Amount: ₹2,00,000
- Maximum Limit: No upper limit (subject to bank-specific cap)
Banks may impose daily or per-transaction limits for security purposes. Always check with your bank for specific thresholds.
UTR Number: How to Track RTGS Transactions
The Unique Transaction Reference (UTR) number is a 22-character alphanumeric code generated for every RTGS transaction.
You can use this UTR to:
- Track the RTGS transaction time
- Check status via your bank or RBI’s complaint portal
- Resolve any disputes related to fund non-receipt
Eligibility and Requirements for Using RTGS
To use the RTGS system, you must:
- Be a customer of an RTGS-enabled bank branch
- Have beneficiary details (name, account number, IFSC)
- Transfer ₹2 lakh or more
Some banks may require enabling RTGS separately on internet banking.
RTGS Transfer Charges by Banks
Type of transaction | Fee charged |
Inward transactions | Free |
Online transactions | Free |
Outward transactions ranging from Rs.2 lakh to Rs.5 lakh | Fee not more than Rs.24.50 |
Above Rs.5 lakh | Fee not more than Rs.49.50 |
How Long does the RTGS Transfer Process take?
RTGS transactions occur on a transaction-by-transaction basis, minimizing wait time for funds to be transferred to the beneficiary's bank account. Typically, the RTGS transfer time for the funds to reflect in the receiver's account is a matter of seconds. However, in the event of technical delays or challenges, this duration may extend to a few minutes.
In accordance with RBI regulations, the beneficiary bank is required to credit the transferred amount to the beneficiary's account within 30 minutes of the fund transfer initiation. If the amount has not been received in the account after this time frame, it is advisable to contact the sender's bank to inquire about any potential delays.
What Should you Keep in Mind When Using RTGS Transfer?
While RTGS serves as a rapid and secure method for fund transfers, it is essential to be aware of the associated terms and conditions. Some common guidelines include:
- The transferred amount will be credited only to the account specified in the RTGS form.
- Once initiated, an RTGS payment cannot be canceled.
- Before initiating any transfers, it is advisable to carefully review the RTGS form and proceed with the money transfer accordingly.
- When filling out the fund transfer form, the user must choose between RTGS or NEFT. If no mode is selected, the bank will determine the fund transfer method.
- The bank holds no liability if the beneficiary details provided are incorrect, and any consequences arising from such errors are not their responsibility.
- In case of a failed payment, the amount must be refunded to the sender's bank account. If compensation for failed payments is not provided, the sender may be eligible for compensation equivalent to the current repo rate plus 2%.
FAQs on RTGS Timings
- How is RTGS different from NEFT?
NEFT operates on a Deferred Net Settlement (DNS) basis, which settles transactions in batches whereas in RTGS the transactions are settled individually. For example, currently, NEFT operates in hourly batches while RTGS transactions are processed continuously throughout the RTGS business hours. Any RTGS transaction initiated after business hours is rejected at RBI on the same day itself. However, that is not the case with NEFT as a NEFT transaction started after the working hours is settled on the next NEFT business day.
- How long does an RTGS transfer take?
RTGS (Real-Time Gross Settlement) transfers are processed instantly on a real-time basis. Once the remitting bank initiates the transfer, the beneficiary bank is expected to credit the funds within 30 minutes. However, this is applicable only during RTGS business hours, typically between 7:00 AM and 6:00 PM on working days.
- What are the charges for RTGS?
RTGS charges vary from bank to bank. As per RBI guidelines, there is no charge for inward RTGS transactions (receiving money). For outward RTGS transactions, charges may apply as follows:
- Rs. 2 lakh to Rs. 5 lakh: Up to Rs. 24.50 + GST
- Above Rs. 5 lakh: Up to Rs. 49.50 + GST Note: Many banks have waived RTGS charges for online transfers via net banking or mobile apps.
- What happens if RTGS fails?
If an RTGS transaction fails (e.g., due to incorrect beneficiary details or technical errors), the funds are typically refunded to the sender’s account within 2 hours by the remitting bank, as per RBI guidelines. The sender will also be notified about the transaction failure.
- Can I cancel an RTGS transfer once initiated?
No, once an RTGS transaction is successfully initiated and processed, it cannot be cancelled, as the funds are transferred in real time. If you entered incorrect beneficiary details, you should immediately contact your bank to try and recover the funds. However, reversal is not guaranteed and depends on the recipient’s bank.
- Does the remitter get back the money if an RTGS transaction is not credited to a beneficiary account?
If the money transferred through a RTGS transaction is not credited to the beneficiary's account for any reason, the funds will be reimbursed to the remitting account within 2 hours. Once the amount is received by the remitting bank, it is immediately credited to the remitter's account.
- What is the time taken for effecting funds transfer from one account to another under RTGS?
As per Reserve Bank of India guidelines, the beneficiary branches are expected to receive the funds as soon as the funds are transferred by the remitting bank under the RTGS service. After the transferred funds are received by the beneficiary bank, the amount is credited to the account of the beneficiary within 30 minutes.
- Do all bank branches in the country provide customers the RTGS service?
No, the service is provided to customers by only those bank branches which are RTGS-enabled
- Can I track the RTGS transaction? Do I get any acknowledgement after the funds are successfully credited into the beneficiary's account?
Yes, you can track the RTGS transaction initiated for transferring of funds. Moreover, once the funds are successfully credited to the beneficiary's account, the bank sends an electronically generated acknowledgement with all the necessary details mentioned in it.
- Which is preferable: NEFT or RTGS?
This depends on how much you want to send. Prefer RTGS if the amount is more than Rs.2 lakh. For small-value transactions, NEFT works best, whereas for large-value transactions, RTGS works best. Fund transfers using RTGS happen instantly, but NEFT takes time.
- Can I use any bank for RTGS transfers?
Yes, as long as the bank branch is one among more than 1.6 lakh RTGS-enabled branches nationwide. See rbi.org.in for the most recent list of Indian bank branches that support RTGS.
- In RTGS, what is the UTR number?
A transaction in the RTGS system can be uniquely identified by its Unique Transaction Reference number, a 22-character identifier.
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