Real Time Gross Settlement System (RTGS)

  • Introduction & Eligibility

    Real Time Gross Settlement System (RTGS)


    Real Time Gross Settlement System (RTGS), is a modern, robust, integrated payment and settlement system. RTGS is a system whereby the Banks and Financial Institutions maintaining accounts with RBI can transfer funds to one another on an immediate, final and irrevocable basis during business hours.

    The Facility can be used for Fund Transfer to other Bank on behalf of the customers. This is R41 transaction and funds are transferred by debiting customer’s account to the destination account of other participating bank directly without any manual intervention. For this purpose correct destination account number and IFSC code of the destination bank / branch is required from the customer availing this facility.

    Our Bank has upgraded its application in order to transmit the RTGS message in ISO20022 format as per RBI directions.

    Eligibility Criteria For Customer Transactions

    The objectives of the NEFT System are:

    • Fund Transfer through RTGS can be availed by the customers who maintain their operative accounts viz., Savings Bank, Current Account. This facility can also be allowed to CC / OD account etc., subject to ensuring end use of funds.
    • Outward / Inward remittance facility under RTGS is offered to the customers of all our branches.
    • This facility is not extended to Non - Customers.
    • This facility is not available to customers against cash payment.
    • Outward RTGS (R41) facility will not be available for first 7 days in any account of new customer.
    • Outward RTGS from any branch other than the parent/base/home branch shall not be allowed.
  • Benefits of System

    Benefits of the System for the Customer

    • Pan Indian reach of all banks.
    • Faster fund transfers.
    • Operational convenience.
    • Cost effectiveness.

    Minimum Transaction Amount for Fund Transfer is ₹2.00 lac.

    There is no Maximum limit for transaction amount.
    Customers have to submit a request by filling up a form available in all CBS Branches along with the cheques/Debit instruction to the branch. The customer has to inform the beneficiaries account number, Name and IFSC code the Bank/ Branch where the funds are to be remitted.

    IFSC (Indian Financial System Code) is an eleven digit code given to each branch of all banks which are participating in RTGS. The list of the branches participating in RTGS is also available in RBI’s website www.rbi.org.in

    Customer Transaction : Operating Session at Branches
    Monday to Saturday (Except second and fourth Saturday) – 8.00 hrs. to 16.15 hrs.

  • Charges


    Type of Transaction Charges
    Inward Remittance Not Prescribed.
    Outward Remittance
    • ₹1 lakh to ₹2 lakhs - N/A
    • above ₹2 lakhs to ₹5 lakhs. ₹25 (Plus Service Tax) per transaction.
    • Above ₹5 lakhs ₹ 50 (Plus service tax) ₹50 per transaction.

    Customer Service Help Desk for RTGS
    A dedicated Help Desk for handling RTGS related issues has been set up by the bank at the following address.

  • Batch Timings

    Batch Timings

    Twelve hourly settlements are carried out during the day by RBI, starting from 8 am to 7 pm from Monday to Saturday (except second and fourth saturday)

    Oriental Bank Of Commerce
    2nd Floor, Aman Chamber,
    Opposite New passport Office,
    Veer Savarkar Marg,
    Prabhadevi, Mumbai-400025

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