Real Time Gross Settlement (RTGS) is an electronic funds transfer system in India that allows individuals and businesses to transfer large amounts of money instantly between bank accounts. It is operated by the Reserve Bank of India (RBI) and is available to banks and financial institutions participating in the RTGS system.
Below, you can check out, status of RTGS transaction (can do or not) in any particular branch by bank name, branch name or city.
Fund transfer using RTGS code
In order to transfer funds using RTGS, you will need to provide the Indian Financial System Code (IFSC) of the recipient bank, as well as the account number and name of the recipient. The IFSC is a unique 11-digit code used to identify banks and branches participating in the electronic payment system in India. It is used for electronic fund transfers, such as National Electronic Funds Transfer (NEFT) and RTGS.
RTGS transactions are processed in real-time, meaning that the funds are transferred instantly from the sender’s bank account to the recipient’s bank account. RTGS is typically used for large value transactions, such as above the 2 lakh rupees.
To initiate an RTGS transfer, you can typically do so through your bank’s online banking platform or by visiting a bank branch in person. You will need to provide the necessary identifying information, including the recipient’s IFSC code, account number, and name, as well as the amount you wish to transfer.
There may be fees associated with RTGS transfers, which vary depending on the bank and the amount being transferred. It is important to check with your bank for details on any fees that may apply.
RTGS is a secure and reliable way to transfer large amounts of money in India. It helps to ensure the efficient and timely transfer of funds and reduces the risk of fraud and errors.