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RTGS Transfer: What are the fees and charges?

RTGS Transfer: What Are The Fees And Charges?

RTGS or Real Time Gross Settlement is a facility offered by nationalized as well as private banks in India that allows customers to transfer high-value sums of money. As the name suggests, it involves the quick, real-time transfer of funds all around the clock, from anywhere in the country. The RTGS facility is overseen by the Reserve Bank of India. RTGS transactions undergo processing all throughout the day, continuously; typically, one transfer is completed within an hour of initiating it. There are certain charges levied on RTGS transfer, read on to know more about them.

Fees & Charges on RTGS Transfer

The processing charges for RTGS transfers have been waived by the RBI. No fees are charged on inward transactions, they are completely free. As for outward transactions, the RTGS charges are as follows :

-a maximum fee of Rs.24.5 is charged for transfers that fall in the Rs.2-5 lakhs (tax exclusive) bracket

-a maximum fee of Rs.49.5 is charged for transfers over Rs.5 lakhs (tax exclusive). 

The RTGS charges may be lower depending on your bank, but they cannot exceed the numbers set by the RBI.

For any transfer, customers have to provide the bank with these details:

  • Transfer amount 
  • Debiting account number 
  • Beneficiary’s name, account number and bank branch, 
  • Receiving branch’s IFSC number
  • Sender to beneficiary information

Conclusion

RTGS is a fast, secure and hassle-free provision for transferring large sums. This facility is available around the clock, is accessible from anywhere thanks to online and mobile banking. There is also no upper limit if the transaction is carried out by visiting a local bank branch. 

Transactions are to be completed within one hour, and failure to do so will result in the funds being returned to the sender. Senders can also register a complaint against the delay in such cases. With the RBI backing this facility, customers feel safer with digital transfers, and charges have also been capped at certain numbers. If there are any issues that customers are facing with RTGS transactions, they can attempt to resolve them by contacting their bank’s customer service. In case the resolution is found unsatisfactory, a special cell set up by the RBI will handle the matter. 

FAQs

  1. What is the RTGS full form?

RTGS stands for Real-Time Gross Settlement.

  1. Which institution manages this facility?

The RBI handles the RTGS facility. 

  1. What are the charges levied on inward transactions?

No fees are charged on inward transactions.

  1. What are the charges levied on outward transactions?

For outward transactions, a maximum fee of Rs.24.5 is charged for transfers that fall in the Rs.2-5 lakhs (tax exclusive) bracket, and a fee of Rs.49.5 is charged for transfers over Rs.5 lakhs (tax exclusive).

  1. How can I carry out RTGS transfers?

You can carry out RTGS transfers via online banking, mobile banking, or in-person in a bank branch.


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