Today we will learn about RTGS in this article. What is RTGS? (What is RTGS in Hindi), What is the full form of RTGS? How to use it? Its benefits and importance? How does RTGS work? What is its use? Etcetera. You will get complete information about RTGS in this article google.
RTGS What is? (What is RTGS)
The acronym 'RTGS' stands for Real-time Gross Settlement. The Reserve Bank of India (Central Bank of India) maintains this payment network. Real-time gross settlement is a fund transfer mechanism where money is transferred from one bank to another on a 'real time' and 'gross' basis. - Wikipedia
Through this, any person can send money from any one bank of India to another bank. It is specially used to transfer only large amount. In this, the minimum transfer limit is 2 lakhs, below which money cannot be sent through it. If you want to transfer less than this amount, then you have to use NEFT. - What is NEFT? How to use it?
In this, you can transfer as much money as you want above 2 lakhs. There is no maximum limit in this. Until your bank branch fixes the limit for you, you can transfer as much as you want above 2 lakhs. In this, the settlement of funds is maintained by RBI and every transaction is recorded in their books or records. So that after the transaction is successful, it cannot be done again.
What is the full form of RTGS?
The full form of RTGS is "Real Time Gross Settlement".
RTGS - Real Time Gross Settlement
RTGS Full Form in Australia
What are the advantages of RTGS?
- Money can be transferred in real-time through RTGS.
- It is mainly used for large fund transfers.
- There is no maximum limit for transferring money in this, which can transfer more than 2 lakhs.
- It is very fast, safe and secure.
- Immediate clearing takes place in this.
- RTGS can be done both online and offline.
- More funds can be transferred immediately without any paper process.
- It is managed by RBI, so it is very reliable.
How to use RTGS?
How to transfer money through RTGS?
How to transfer money through RTGS online?
- Internet banking facility has to be activated for doing RTGS online.
- To activate, contact the bank branch, or activate online through an ATM card.
- Now go to the official website of your bank
- Go to Internet Banking Option and Log in using Username, Password.
- Go to the fund transfer section and add beneficiary first.
- After that go to inter-banking payment option and select RTGS.
- Enter the required information asked to add the beneficiary like - name, account number, address, IFSC code, etc.
- After that confirm, and enter OTP on the registered mobile number.
- You have to wait till the added beneficiary is approved by the bank. It can do 30 to 40 minutes.
- Once the beneficiary's account is approved by the bank, the money can be transferred immediately.
- Go to Fund Transfer and select Inter Bank Transfer option.
- In transaction type, select RTGS from RTGS / NEFT / IMPS.
- Select the added beneficiary from the list.
- Enter the amount you want to transfer.
- Now click on the fund transfer or submit button and transfer the money.
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