Check all details related to the RTGS Money transfer process in this article. Download RTGS forms for different Banks in India. Check what is the minimum amount that can be transferred and what is the payment transfer time.
If you are looking for the above information then stay with us and read this article completely to get all the important information and also download forms for different banks from the links which are available in our article.
What is RTGS?
RTGS stands for Real-Time Gross Settlement. It’s a real-time settlement of the fund on an individual basis and funds will be transferred immediately as soon as requested by someone. It’s a non-revertable process and all data are recorded by the RBI so it must be done carefully.
RTGS facility is offered by all RTGS enabled banks in India and there are a set of rules associated with this type of transaction which is described below. It is also possible that some branches don’t provide this facility so please confirm with your branch.
Transfer time:
As RTGS is a real-time settlement process so beneficiary Bank must transfer the received money in the Beneficiary’s account within 30 minutes after receiving the RTGS request.
Minimum amount:
This type of transfer is applicable only for a high amount. As per the RBI regulations, a minimum of 2,00,000/- Rs can be transferred through an RTGS transaction and there is no maximum limit for this transaction. However, Banks may put a limit on the maximum amount that can be transferred.
Payment timings:
With effect from December 14 2020 RTGS facility is now available 24 hours and anyone can use this facility anytime as per their convenience. If you are planning to visit the Bank Branch for the RTGS offline process then please check the working hours because in the Bank branch it can be done only during working hours.
RTGS charges:
RBI does not charge any service fee for the RTGS transaction however different Banks may charge a service fee. RBI has set a maximum amount for the service fee that all Banks can charge to the customer and Banks can not charge more than that amount. Banks may lower the service charge if they want. The service charge is mentioned below.
Note: Transactions done online through net banking or mobile app are free of cost.
| Amount | Inward transactions | Outward transactions |
|---|---|---|
| ₹ 2,00,000/- to 5,00,000/- | Free | ₹ 24.50/-; (GST extra) |
| Above ₹ 5,00,000/- | Free | ₹ 49.50/-. (GST extra) |
The above charges apply for transactions done at any Bank branch and may be different on a Bank-by-Bank basis but can not exceed the specified amount. Please check the bank website for information about the charges for the offline transaction.
RTGS Benefits
It provides many benefits to the customers which are mentioned below.
- RTGS is a real-time transfer of the funds to the beneficiary so it is a very fast process and completed immediately.
- All transaction data is recorded directly by the RBI so it is a secure way also to transfer money.
- RTGS can also be done online which saves a lot of time and there is no need to visit any bank branch.
- There are no charges for the online RTGS transfer process which helps the customers save valuable money.
RTGS Money Transfer process
Let’s check out the process of transferring the money into the beneficiary account. First of all, you must have the necessary information that is required to initiate an RTGS request.
Information required for an RTGS remittance:
One must have the below-mentioned information before starting any transfer request.
- Transfer amount
- Beneficiary name
- Bank and Branch name of beneficiary account
- Account number of the Payee
- The IFSC number
- Account number of the beneficiary customer
- Sender to receiver information, if any
All above information is required for the transaction however the fund will be transferred on the basis of the account number only.
After arranging all required information you may initiate the RTGS transfer process. RTGS transactions can be done in different ways such as:
- Internet banking
- Mobile app
- From any Bank branch
Online RTGS process:
The online RTGS process is a convenient way to perform the traction easily by using a computer or smartphone. There is no need to visit any bank branch for this. You may complete the online process with the help of the below-given steps.
- Open the internet banking website or mobile app.
- Login by using your user id and password.
- Now search for the RTGS link and start the transfer process.
- Fill in all required details such as beneficiary name, account number, IFSC code, Amount to be transferred, etc.
- Submit the online RTGS form and enter the security code or OTP which is required.
Offline RTGS process:
The offline transaction can be completed by visiting any Bank branch. Some people don’t trust online methods or don’t know the actual process of the online transfer so they prefer the offline way. The offline fund transfer process can be completed with the help of the below-mentioned steps.
- Visit your Bank Branch.
- Fill in the RTGS offline form by entering all required information.
- Attach a cheque or deposit the required amount along with the offline form.
- Check all information carefully before submitting the form.
- Submit this form to the concerned bank employee.
Note: Please check the timing of your bank branch for this process because may be different for different banks.
RTGS forms of different Banks
If you prefer the offline mode for the RTGS transfer process then you need an RTGS form to initiate the process. However, you can get the form by visiting the Branch but to save time you may download the form of any Bank from the links given below. You can take a print-out of this RTGS form fill in all details and submit it to the nearest branch.
| Bank name | RTGS form link |
|---|---|
| SBI RTGS form | Download |
| HDFC Bank RTGS form | Download |
| AXIS Bank RTGS form | Download |
| YES Bank RTGS form | Download |
| Bank of Baroda (bob) RTGS form | Download |
| ICICI Bank RTGS form | Download |
| Kotak Mahindra Bank RTGS form | Download |
| Canara Bank RTGS form | Download |
| PNB RTGS form | Download |
| IDBI RTGS form | Download |
| Union Bank of India RTGS form | Download |
| Bank of India RTGS form | Download |
| IOB RTGS form | Download |
| Indian Bank RTGS form | Download |
| Indusind Bank RTGS form | Download |
| Bank of Maharashtra RTGS form | Download |
| UCO Bank RTGS form | Download |
| Allahabad Bank RTGS form | Download |
| Central Bank of India RTGS form | Download |
Although I have tried to provide the RTGS forms of all Banks. if any form is missing then please let me know in the comment section below and I will upload that form also.
RTGS is a secure way of transferring money to the beneficiary account and funds are transferred immediately. In the case of NEFT fund is transferred in batches so it takes some time generally 4 hours in the transfer process.
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