24 hours RTGS facility from today
Now RTGS service will be available at all times. With this, India will be included in those selected countries in the world, where such large transactions are 24 hours. The RTGS service was started 16 years ago in March 2004 with only 3 banks and now 237 banks are connected with this service. There are more than 6 lakh transactions worth 4 lakh crore rupees every day through RTGS.
What was the system till now
Till now you could transact money through RTGS from 7 am to 6 pm, that too on working days of banking. On Saturday, this facility was available till 2 pm only. There were no transactions on the second and fourth Saturdays of the month, Bank Holiday, Public Holiday and Sunday.
What is RTGS?
RTGS means real time gross settlement, it is used to transfer large amount of money. Through NEFT, you can transfer money up to 2 lakh rupees, at least above 2 lakhs are transferred in RTGS, there is no upper limit for this. RTGS is much faster than NEFT, money is instantly transferred from one account to another, whereas NEFT transfer takes a little time. RTGS service can be used by any account holder.
When did RTGS start
RTGS service was started on 26 March 2004. Earlier this facility was available only in 4 banks. Now 237 banks, financial institutions are associated with it. Due to which the transaction of 4.17 lakh crore rupees is done daily. In November 2020 alone, there was a transaction of Rs 57.96 lakh crore from RTGS.
Online money transfer and charge
When you transfer money online, there are three types of options in front of you. These three options are RTGS, NEFT and IMPS (Immediate Payment Service). NEFT and IMPS services are already available 24×7. Now RTGS will also be available at all times. Amounts up to Rs 2 lakh are transferred through NEFT, there is no charge on this. If you transfer money through IMPS, then you are charged on this, this charge can be from 2.5 rupees to 25 rupees. In this also, you can send money up to a maximum of 2 lakh rupees in a transaction.
RTGS facility for above 2 lakhs is used. In July 2019, the RBI also freed NEFT and RTGS. Before that there were charges on him.