RBI to extends RTGS money transfer timing from this date; here's all you need to know
RTGS Transaction timings: To promote digital transactions, the Reserve Bank of India (RBI) has extended the transactions timing for Real-Time Gross Settlement (RTGS) system by an hour for its customers. Now, one can transfer funds through the RTGS from 7 am instead of 8 am from 26 August, the RBI said on Wednesday.
In a notification, the RBI said, "In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am."
Earlier this month, in order to promote digital transactions, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) from December this year.
NEFT, a retail payment system, is available for the customers from 8 am to 7 pm on all working days with the exception of second and fourth Saturdays' of a month and banking holidays. The National Electronic Funds Transfer system is used for fund transfers of up to Rs 2 lakh.
Earlier, the State Bank of India (SBI) had done away with Immediate Payment Service (IMPS) transaction charges on internet banking and mobile banking from 1 August. There is also a waiver on IMPS charges for fund transfer up to Rs 1,000 through branch banking.
New RTGS timing with effect from 26 August
Open for business- 7 am
Timing for customer transactions (Initial Cut-off)- 6 pm
Inter-bank transactions (Final Cut-off) timing- 7.45 pm
Intra-day liquidity (IDL) Reversal timing- 7.45 pm to 8.00 pm
End of day- 8.00 pm
10 things to know about money transfer through RTGS
1. The RTGS system is available for the customer transactions from 8 am to 6 pm at present and for inter-bank transactions from 8 am to 7.45 pm.
2. The extended customer transactions timing will be applicable from August 26.
3. RTGS is primarily meant for high-value transactions.
4. The minimum amount to be remitted through RTGS is Rs 2 lakh with no upper limit.
5. RTGS timings for Inward transactions – Free, no charge to be levied.
6. The timings for Outward transaction – Rs. 2 lakh to 5 lakh, not exceeding Rs. 30 per transaction.
8. The transaction above Rs. 5 lakh – not exceeding Rs. 55 per transaction
9. The transactions happen in real-time.
10. The beneficiary bank receives the instruction to transfer funds immediately when you carry out the transaction, and the transfer is instantaneous.
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