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RTGS stands for Real-Time Gross Settlement, which is an electronic payment system in India that enables large value interbank funds transfers in real-time. RTGS is operated by the Reserve Bank of India (RBI), and it is available for both individuals and businesses.
RTGS payments are processed in real-time, which means that the transfer of funds takes place immediately and is final and irrevocable. The minimum amount for an RTGS transfer is set by the RBI, and it varies from time to time. As of my knowledge cutoff in September 2021, the minimum amount for an RTGS transfer was Rs. 2 lakhs.
RTGS payments can be initiated through various channels such as internet banking, mobile banking, or by visiting a bank branch. The process of initiating an RTGS payment involves providing details such as the beneficiary's bank account number, name, and IFSC code, along with the amount to be transferred.
RTGS is a safe and reliable payment option for individuals and businesses that need to transfer large amounts of money quickly and securely.
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Real time gross settlement (RTGS) is a payment system provided by the bank ,that enables the instant and complete electronic settlement of fund from one bank to another and from one place to another .
Minimum amount limit of RTGS Is 2 lakh
You can do RTGS transaction using both online and offline ways. To do the transaction online, you must have active internet banking .On other hand if you want to perform the RTGS transaction offline .you will have to visit your nearest RTGS enable bank branch and submit a fund transfer form.
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Student | Posted on
RTGS stands for Real Time Gross Settlement. It is a payment system that is commonly used by banks and financial institutions to transfer funds between accounts in real time. In an RTGS payment, the transaction is settled immediately and the funds are transferred from the sender's account to the recipient's account instantly, without any delay.
RTGS payments are often used for high-value transactions, such as large business payments, international money transfers, and other transactions that require immediate and secure settlement. They are typically faster and more secure than other forms of payment such as checks or wire transfers and are also more efficient as they do not require the physical movement of cash or checks.
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