How to Use RTGS for Fund Transfer?

The Buyt Desk

From 14th December 2020, the Real Time Gross Settlement will be available round the clock. Now all the three modes of fund transfer i.e. RTGS, National electronic fund transfer (NEFT), and Immediate payment Service are working on a 24x7x365 basis. Online fund transfer will be more flexible and readily available at all the time.

RTGS is a popular way of transferring a large amount of money. It allows you to transfer Rs 2 lakh and above with no upper or maximum ceiling. RTGS started in 2004, and initially, only four banks offered this service but now there is a network of 237 participant banks across the country. At present, there are 1,40,000 RTGS enabled bank branches. This year RTGS handled 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore.

When you initiate an RTGS transfer, you must have the following details of the beneficiary –

The account number to be debited
Name of the beneficiary bank and branch
The IFSC Number of the receiving branch
Name of the beneficiary customer
Account number of the beneficiary customer

RTGS transfer process

Step 1- Login to your bank’s net banking account.

Step 2- Click on the fund’s transfer tab.

Step 3- You will “Add a beneficiary” in this step.

Step 4- Fill in the details of the beneficiary, including name, bank name, IFSC code, and account number.

Step 5- Then, select “Add” and confirm.

Step 6- You will receive the confirmation message.

After you have added a beneficiary, now you are ready to transfer the funds. Follow these steps-

Step 1- Log in to your Net banking account, choose fund’s transfer tab.

Step 2- Select the RTGS option.

Step 3- Select the beneficiary/payee to who you wish to send the funds.

Step 3- Write the amount of money that is to be transferred.

Step 4- Before submitting the request, review the documents.

Advantages of RTGS

The transfer of funds happens instantly in real-time.
No cap or ceiling on the maximum amount that one can transfer.
You don’t need a cheque or demand draft to transfer money.
You can transfer money through net banking without the hassle of visiting the bank branch
Transfer of funds between two different banks and even in two other cities can take place seamlessly.