RTGS- Real Time Gross Settlement
To know How RTGS- Real Time Gross Settlement functions we will go step by step. Firstly by understanding meaning of the term RTGS- Real Time Gross Settlement. Simply, it is a system for the transfer of funds from one account of a bank to any other account of another Bank. As the name indicates transaction effected in real-time and each transaction is settled individually with gross effect. No netting of a transaction as in the case of NEFT.
How RTGS- Real Time Gross Settlement functions:
To put it in simple terms, if a customer gives instructions to his Banker to transfer a certain sum of money from his account to a specific account (beneficiary) of other Bank through RTGS, then the Bank will execute the transaction through RTGS and in real-time the beneficiary’s account with other banks will be credited with the said amount. The said transaction with the gross amount will be processed as a single transaction without netting with any other transaction.
For Banks, it is a continuous process and they keep on processing such transactions individually as and when they receive such instructions from their customers/account holders.
It is a safe and secure system of fund transfer.
In RTGS- Real Time Gross Settlement, once the amount credited to the beneficiary’s account means transaction got settled and the settled transactions are final and irrevocable.
The minimum transaction amount is Rs.2,00,000/- and there is no limit for the maximum amount.
This system is available on all day’s i.e., 24x7x365 day with effect from 14th December 2020.
The remitter can instruct the Bank or he can remit the funds using INTERNET BANKING if his Bank offers such a service. Thus remitter is not required to visit Bank or use his cheque etc.
The remitter should furnish the following essential information for remittance:
- Amount of remittance
- The account number which is to be debited
- Name of the beneficiary in whose favour amount to be remitted
- Account number of the beneficiary
- Beneficiary’s Bank’s name and branch
- IFSC number of receiving branch of beneficiary’s Bank
- Sender to receiver information, if any
In RTGS process credit to the beneficiary is given only on the base of an account number. Since in RTGS transactions happen in real-time and it is difficult to process the transaction after matching the name and account number.
For RTGS both the sending and receiving bank branches should be RTGS enabled. At present more than 165000 are there in RTGS enabled bank branches, Details are available on RBI Website at the link http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0815.xlsx
Charges on RTGS transactions
RBI has waived off its processing charges on RTGS transactions with effect from 1st July 2019. The banks may pass on the benefit to its customers. RBI has put a cap on the RTGS transaction charges. To rationalize the service charges charged by the banks, RBI has mandated a framework of charges as under:
- For Inward transactions NIL charge to be levied.
- For Outward transactions of ₹ 2,00,000/- to 5,00,000/- charges not exceeding ₹ 24.50/-; (exclusive of tax, if any) and
- For transactions of above ₹ 5,00,000/- charges not exceeding ₹ 49.50/- (exclusive of tax, if any).
Banks at their discretion may decide to charge a lower rate but are not allowed to charge more than the rates prescribed by RBI.
One of the very important features of RTGS is its Real Time settlement. Here the beneficiary bank branches are expected to receive the funds as soon as it is transferred by the remitting bank and the beneficiary bank should credit the concerned account within 30 minutes of receiving the credit message.
UTR-Unique transaction Reference number
Immediately after initiating the RTGS transaction remitting Bank generates a Unique transaction Reference number, largely known as the UTR number. It is a 22 character code, which can be used to identify RTGS Transaction in the system. Now, RBI made required arrangements to send the confirmation message to the remitting bank that the money has been credited to the concerned bank or customer’s account. Accordingly, the remitting bank sends the confirmation to the remitting customer that the transaction has been completed.
In case of receiving bank intends to return the remittance amount without crediting it to the beneficiary’s account for any valid reason, then it should return the amount within one hour or before the day end of the particular business date, whichever is earlier. After receiving the amount back, it becomes the duty of remitting bank to re-credit the account immediately from where the amount was debited while initiating RTGS. Any delay in returning the failed transaction money the customer will be compensated at the current repo rate plus 2%.
With effect from 1st April 2021, in case of entities / non-individuals for transaction above Rs.50 crores LEI (Legal Entity Identifier) number will be required
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Latest Bet9ja Promo Codes and Welcome Offer
Contents
Bet9ja Promotion Code for August 2021: Type “BET9MAX”
Latest Bet9ja Promo Codes and Welcome Offer
How to open an account using the Bet9ja Promotion Code YOHAIG?100% Welcome Bonus of up
to ₦ 100,000 with Bet9ja Promotion Code
Super9ja
170% Multiple Boosts
Clear Design and User Interface
Solid Betting Coupon and Live Streaming Service
Customer Support Service
Banking Options
Bet9ja on Mobile
F.A.Q.
1960Bet – Special Attention to the Players
Betland – the Whole Package
Ladbrokes – Leader in the Industry
How to open an account using the Bet9ja Promotion Code YOHAIG?
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Clear Design and User Interface
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Solid Betting Coupon and Live Streaming Service
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Banking Options
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F.A.Q.
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Top 3 Alternatives to Bet9ja
Here are the best alternatives for Nigerian players:
1960Bet – Special Attention to the Players
1960Bet is another local company that has an impeccable reputation. It has been in the business
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Betland – the Whole Package
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Ladbrokes – Leader in the Industry
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