Real Time Gross Settlement, or "RTGS," is a system that settles fund transactions continuously and in real time. But, can we do RTGS online? Yes, RTGS or Real Time Gross Settlement can be done online in India. Let me share more details on it below.
Can RTGS be Done Online?
Yes. The Reserve Bank of India (RBI) has enabled this facility to allow individuals and businesses to transfer large sums of money conveniently and securely through internet banking or mobile banking platforms of their respective banks.
To do RTGS online, you must be registered for your bank’s internet or mobile banking service.
Once logged in, navigate to the "Funds Transfer" section and select RTGS.
You’ll need to enter details such as the beneficiary’s name, account number, IFSC code of the beneficiary’s bank branch, and the amount to be transferred.
Most banks also require the beneficiary to be added and approved before initiating the first transfer, which may take a few minutes to a few hours.
I hope you found this helpful.
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We booked an apartment and the transaction was to be made on that very day. The seller called me and said that if I do not book it, he will be obliged to pass it to someone else as per the rules. Things were all decided and sorted and it was actually my fault for not having paid the amount. I was getting ready to go and pay the amount physically but my neighbor came and asked the seller of the apartment to provide their bank account details so that he can send the money through RTGS (Real-time Gross Settlement). I stared at him and said but I don’t know how to do RTGS online so how can I do it? He smiled and said he knows how to do it. That is when I got to know the process so let me tell you about it step by step.
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How can RTGS be done online?There are steps that you need to follow to do the online transaction or RTGS successful that are:
Login to the Net Banking portal of the respective bank
Provide the account details
Select the RTGS Funds Transfer option
Select the amount to be transferred
Accept the Terms and Conditions
Submit the RTGS online form and it's done.
These steps were easy and definitely answered my question: can we do RTGS online easily and I hope yours as well.
What is the limit of RTGS per day?The RTGS amount actually varies from one bank to another but my neighbor said that Rs 25 lakhs can be sent via RTGS per day but it is better to ask your bank once before doing such a huge transaction online.
What is the difference between RTGS and NEFT?The best part of RTG is that the transaction is made instantly but in case of NEFT, it takes time but usually gets done within a day. If an immediate transaction is to be made, RTGS is the best option.
I hope this answers your query on how to do RTGS online.
Read More:
What is the minimum amount of RTGS?
How much time RTGS take to transfer money?
Can We Do RTGS Online?
Darshan
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2 Year
2022-08-03T09:30:46+00:00 2022-08-03T09:30:48+00:00Comment
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