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What is RTGS System? The acronym “RTGS” stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank branch to another bank branch on a “real time” and on “gross” basis. This is the fastest possible money transfer system through the banking channel. Settlement takes place in “real time” which means payment transaction is not queued or staggered subjecting the transaction for any waiting period. The transactions are settled as soon as they are processed. “Gross Settlement” means the transaction is settled on one to one basis without bunching with any other transaction. Considering that the money transfer actually takes place in the Books/System of Reserve Bank of India, the payment is taken as final and irrevocable. Hence the said product is aptly named as Corp Bullet in our Bank. How RTGS is different from National Electronics Funds Transfer System (NEFT)? NEFT is also an Electronic Fund Transfer System that operates on a Deferred Net Settlement (DNS) basis which settles transactions in predefined batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that stipulated time. For example, NEFT settlement takes place 6 times a day during the week days (9.30 am, 10.30 am, 12.00 noon, 1.00 pm, 3.00 pm and 4.00 pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours (9.00 am to 4.30 pm on week days and 9.00 am to 12.00 noon on Saturday for customer payment transactions (CP). And 9.00 am to 6.00 pm on weekdays and 9.00 am to 12.00 noon on Saturday for inter bank payments (IP). Is there any minimum / maximum amount stipulation for RTGS transactions? The RTGS system is primarily for large value transactions. Initially there were no restrictions on the amount to be transferred through RTGS system, only to popularize the aforesaid payment mechanism. Effective from 01.01.2007 the minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper ceiling for RTGS transactions. No minimum or maximum stipulation has been fixed for EFT or NEFT transactions. While remittances of less than 1 lakh has to be invariably made through EFT or NEFT, the remitter can chose the product for any money transfers beyond Rs.1 lakh and above. What is the time taken for effecting funds transfer from one account to another under RTGS? Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account with in 2 hours of receiving the fund transfer message. The RBI may impose penalty in case of delay, if any.
first one on receipt of the message by RTGS Server. Till what time RTGS service window is available? The RTGS Service Window is open on all days except for Sundays and National Holidays. depending upon the business exigencies. However. RBI will send prior intimation to the participating banks towards communicating the changes.00 noon on Saturdays in the sense to accept the customer transactions for settlement at the RBI during 9. a stipulated service charges of Rs. What about Processing Charges/Service Charges for RTGS transactions? While RBI has waived its processing charges for all electronic payment products till March 31st.00 hours to 16. For inter-bank transactions.00 hours to 16. if any.30 hours on week days and between 9.Would the remitting customer receive an acknowledgement of money credited to the beneficiary’s account? The remitting bank receives a message from the Reserve Bank that money has been credited to the receiving bank. 2009. Would the remitting customer get back the money if it is not credited to the beneficiary’s account? When will he actually get the money? Yes. The remitting bank gets three acknowledgements. What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be effected? . It is expected that the receiving bank will effect instant credit to the beneficiary’s account. Based on this message. While all the acknowledgements will be YYY in the case of a successful transaction. the timings between these hours would vary depending on the customer transactions timings of the involved bank branches. the service window is available from 9.30 hours on week days and from 9. the receiving bank would have to return the money to the remitting bank within 2 hours.00 hours to 12. The RTGS service window for customer’s transactions is available from 9.00 noon on Saturdays. the acknowledgement will be N (negative) in case of a failed transaction with the error code stating the actual reason for the failure of transaction.25/.00 hours to 12. Once the money is received back by the remitting bank. the remitting bank can advise the remitting customer that funds have been delivered to the receiving bank.00 hours to 18.00 hours to 14. the original debit entry in the customer’s account is reversed. If the money cannot be credited for any reason.00 hours on Saturdays.00 hours on week days and from 9. the second when once it reaches the Participatory Interface and the third and final acknowledgement when once the actual settlement of transaction takes place with the other bank (SSN).is to be levied by individual banks towards RTGS transactions.
His account Number which is to be debited. Sender to Receiver information. both the sending bank branch and the receiving bank branch are to be RTGS enabled. the information is available at RBI website (http://rbidocs. Account Number of the Beneficiary Customer. Once the funds are credited to the account of the beneficiary bank. You can take the help Mumbai-RTGS branch (731) which in turn facilitate the updation of the list and parameters in the system from time to time. 7. the remitting customer gets a confirmation from his bank either by an e-mail or by an sms on his mobile.orgin/rdocs/RTGS/DOCs/ListofRTGSBanks. The IFS Code (Indian Financial System Code with 11 digits Alpha-Numeric Code) is also available in the cheque leaf.org. The IFS Code of the receiving bank branch. All the bank branches in India are not RTGS enabled.xls). Some banks with internet banking facility provide this service.aspx. Name of the Beneficiary Customer. . 2009 more than 57000 bank branches were enabled for RTGS system. 5. The lists are readily available at all RTGS enabled branches. Considering that more than 57000 bank branches at more than 6000 Metro/Urban/Semi-Urban locations are covered under the RTGS system. This code number and bank branch details can be communicated by the beneficiary to the remitting customer. How can a remitting customer know whether the bank branch of the beneficiary accepts remittance through RTGS? For a funds transfer to go through RTGS. 2. Amount to be remitted. 4. Do all Bank branches in India provide RTGS service? No.rbi.rbi. 6. Is there any way that a remitting customer can track the remittance transaction? It would depend on the arrangement between the remitting customer and the remitting bank. Only CBS enabled bank branches can extend this facility. 3. As on January 31st.The remitting customer has to furnish the following information to a bank for effecting a RTGS remittance: 1. How would one know the IFS Code of the receiving bank? The beneficiary customer can obtain the IFS Code from his bank branch. Besides. Name of the Beneficiary Bank. if any. getting this information would not be difficult.in/scripts/Bs-viewRTGS. The list of such bank branches is available on RBI website www.
80. The moment the RTGS message reaches the PI Server. 5th one meant for the message code. Whom to contact and how to follow-up in case of a non-credit / delayed credit of RTGS transaction? The RBI has stipulated every participating Bank to designate a Nodal Branch exclusively to handle RTGS related transactions. Sl. of the message.How much volume and value of transactions are routed through RTGS system on an average day? Against the installed capacity of 150000 transactions. No. Accordingly. the first 4 digits contains the Bank Code in alphabets. 6th & 7th mentions the year.2. of days in the calendar year are reckoned as the basis to arrive at the date of remittance) and the last 6 digits mentions day’s serial no. UTR is a 16 digit Alpha-Numeric code.000 crores.) akin to the IBR Tr. the branches have to contact our Mumbai-RTGS branch (731) being the gateway for both inward and outward RTGS remittances. @@@@@@@@@@@@@@@@@ . 8-10th mentions Julian Date (No. the system generates a UTR (Unique Transaction Reference No. on a piece of paper or a take a printout of the said query which is actually a status report containing the time stamp and the acknowledgement at every level towards the RTGS money transfer (Report Option is also available). The fund remitting branch can either jot down this UTR No. the RBI installed / maintained RTGS Server handles around 38000 transactions on an average per day for an approximate value of around Rs. which may be handed over to the remitting customer to pass on the relevant information to the Beneficiary customer to facilitate fate enquiry with the receiving bank branch.