RBI Extends RTGS Bank Timings For Fund Transfer Till 6 PM

The new RTGS window for fund transfer will be effected from 01st June 2019. The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6 pm from existing 4:30 pm. 

What is RTGS ?

The RTGS or Real Time Gross Settlement, is an online fund transfer system, supported by the RBI, which enables transmission on a real-time basis. The minimum amount for the transaction to be eligible as an RTGS transfer is Rs 2 lakh.

The customer is charged a ‘time-varying charge’ on each outward transaction in addition to the flat processing charge. 

RTGS FEES other than the existing processing fees

The fee for transfers between 8 am to 11 am is – NIL,

From 11 am to 1 pm is  – Rs 2, and

From 1 pm to 6 pm is  – Rs 5.

The fee for transfers made after the initial cut off of 6 pm  – Rs 10.

The initial cut off for customer transactions will be 6 pm and the final cut off for inter-bank transactions will be 7:45 pm. The IDL reversal will take place between 7:45 pm and 8 pm.