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 customerâ€™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.