All You Need To Know about RTGS transfer limits and time taken to complete transfers
Short for Real-Time Gross Settlement, RTGS is a fund transfer method that enables you to conduct high-value transactions safely and seamlessly. RTGS has become one of India’s most preferred modes of transactions, especially among retail and corporate customers, since there is no limit on the maximum amount transferable. Unlike NEFT, where fund transfers are conducted in batches, RTGS transactions are processed in real-time. Banks process transfer instructions as soon as they receive them. As such, the settlement takes place on an instruction-to-instruction basis. Let us find out all about RTGS and initiate a transaction and RTGS limits in this article.
You can conduct RTGS transactions using the internet banking facility or by visiting your bank branch.
The prescribed minimum limit for RTGS fund transfer is INR 200,000. There is no maximum ceiling for RTGS transactions done through bank branches.
Some banks may set an upper limit for RTGS transfer via Net banking for retail customers.
The absence of an upper fund transfer limit with RTGS makes a preferred mode of payment for business owners and corporate houses. The flexibility of RTGS helps such entities conduct quick and seamless high-value transactions, which prove to be a great boon for their business operations.
Earlier, RTGS transactions were permitted between 7.00 a.m. and 6.00 p.m. on all working days. However, in December 2020, the Reserve Bank of India modified the RTGS time limit policy and made the facility available 24x7, 365 days a year. As such, you can now initiate RTGS transactions at any time of the day without worrying about RTGS time limits.
RTGS is an easy and secure mode of fund transaction. You can use this facility at any time via your internet-banking enabled bank accounts. As there is no RTGS maximum limit, you can transfer funds between accounts swiftly and conveniently.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.