Filling an RTGS (Real Time Gross Settlement) request involves providing specific beneficiary and sender details, along with the transfer amount, to your bank, whether through a physical form at a branch or digitally via net banking or mobile banking.
Understanding RTGS Transfers
Real Time Gross Settlement (RTGS) is a system that allows for the continuous and real-time settlement of funds transfers, individually (gross) on an order-by-order basis. It is primarily used for high-value transactions, ensuring immediate or near-immediate credit to the beneficiary's account.
Essential Information Required for an RTGS Transfer
Whether you're filling a physical form or initiating an RTGS online, you will need to provide accurate details for both the sender and the beneficiary. Meticulously verifying this information is crucial to ensure a successful transfer.
Here are the key details you'll need:
- Beneficiary Name: The full name of the person or entity receiving the funds.
- Beneficiary Account Number: The exact account number of the recipient.
- Type of Account: Specify if it's a Savings Account, Current Account, Overdraft Account, etc.
- Beneficiary Bank Name: The full name of the bank where the beneficiary holds their account.
- Beneficiary Branch Name: The specific branch of the beneficiary's bank.
- Beneficiary Bank IFSC Code: The Indian Financial System Code, a unique 11-character alphanumeric code that identifies the bank and branch.
- Beneficiary's Phone Number: An optional but recommended detail for potential notifications.
- Amount to be Remitted: The exact amount you wish to transfer, which must be provided both in figures and words on a physical form.
- Sender-to-Receiver Information/Remarks: Any specific message or reference you wish to include for the beneficiary's statement (e.g., "Invoice Payment," "Family Support").
- Your (Sender's) Account Number: The account from which the funds will be debited.
How to Fill an RTGS Form Offline (At a Bank Branch)
If you prefer to make an RTGS transfer by visiting your bank branch, you will typically need to fill out a physical form.
Step-by-Step Guide for Offline RTGS
- Obtain the Form: Request an RTGS/NEFT fund transfer form from the counter at your bank branch.
- Fill Sender's Details: In the designated section, accurately enter your name, account number, and contact information.
- Enter Beneficiary Details: This is the most critical part. Carefully fill in the beneficiary's:
- Full name
- Exact account number
- Bank name
- Branch name
- IFSC code
- Account type (e.g., Savings, Current)
- Consider providing their phone number if the form allows.
- Specify Amount: Write the amount you wish to transfer clearly in both figures (e.g., "₹2,50,000") and words (e.g., "Rupees Two Lakh Fifty Thousand Only").
- Add Remarks (Optional): If there's a specific purpose for the transfer, mention it in the "sender-to-receiver information" or "remarks" section. This will appear on the beneficiary's bank statement.
- Review and Submit: Double-check all the entered information for any errors. Attach a cheque for the transfer amount (if required by your bank) or ensure your account has sufficient balance. Sign the form and submit it to the bank teller. You will receive an acknowledgment slip.
How to Initiate an RTGS Transfer Online (Net Banking/Mobile Banking)
Most banks offer RTGS services through their online platforms, which is often faster and more convenient.
Step-by-Step Guide for Online RTGS
- Log In: Access your bank's net banking portal or mobile banking application using your credentials.
- Navigate to Funds Transfer: Look for a section like "Funds Transfer," "Payments," or "Transfer Funds."
- Select RTGS: Choose "RTGS" as the desired mode of transfer. You might also see options for NEFT or IMPS.
- Add Beneficiary (if new): If you haven't transferred to this recipient before, you'll need to add them as a new beneficiary. This process usually involves providing their:
- Name
- Account number
- Account type
- Bank name
- Branch name
- IFSC code
- Some banks may also ask for their address or phone number.
- Note: There's usually a waiting period (e.g., 30 minutes) after adding a new beneficiary before you can transfer funds to them.
- Initiate Transfer: Once the beneficiary is added (or if they are already registered), select them from your list of beneficiaries.
- Enter Amount: Input the exact amount you wish to transfer. Remember, RTGS is for transactions of ₹2 lakh and above.
- Add Remarks: Include any "sender-to-receiver information" or specific remarks for the beneficiary, which will show on their bank statement.
- Review and Confirm: Carefully review all the entered details on the confirmation screen to ensure accuracy.
- Authenticate Transaction: Complete the transfer by entering your transaction password, PIN, or a One-Time Password (OTP) sent to your registered mobile number or email.
Important Considerations for RTGS Transfers
To ensure a smooth and successful RTGS transaction, keep the following points in mind:
- Minimum Transaction Limit: RTGS is specifically designed for high-value transactions. The minimum amount for an RTGS transfer is ₹2,00,000 (Two Lakh Indian Rupees). There is generally no upper limit set by the Reserve Bank of India (RBI), though individual banks may set their own per-transaction or daily limits.
- Operating Hours: RTGS services are available 24 hours a day, 7 days a week, 365 days a year, including holidays, making it a highly convenient option for urgent large-value transfers.
- Accuracy is Paramount: An incorrect account number or IFSC code can lead to the transaction failing or, worse, funds being credited to an unintended recipient. Once processed, an RTGS transfer cannot be reversed easily. Always double-check every detail.
- Transaction Charges: Banks typically levy a nominal service charge for RTGS transactions, which can vary. Online transfers often have lower or no charges compared to branch transactions.
- Real-Time Processing: The "Real Time" aspect means that the transaction is processed as soon as it is received, and the funds are credited to the beneficiary's account almost instantly after processing.
RTGS vs. NEFT: A Quick Comparison
While both RTGS and NEFT (National Electronic Funds Transfer) facilitate electronic fund transfers, they differ in their processing and suitability:
| Feature | RTGS (Real Time Gross Settlement) | NEFT (National Electronic Funds Transfer) |
|---|---|---|
| Minimum Amount | ₹2,00,000 (Two Lakhs INR) | No minimum limit |
| Processing | Real-time, continuous, gross settlement (transactions settled individually) | Batch-wise processing, net settlement (transactions processed in groups at specific intervals) |
| Speed | Immediate or near-immediate credit | Within 30 minutes of the batch settlement (batches typically run half-hourly) |
| Suitability | Large value transactions that require immediate credit | All value transactions, typically smaller amounts, for non-urgent transfers |
| Availability | 24x7, 365 days | 24x7, 365 days |
| Risk | Lower systemic risk due to gross settlement | Relatively low risk, but higher than RTGS due to net settlement |
| Maximum Limit | No upper limit set by RBI, but banks may impose their own | No upper limit set by RBI, but banks may impose their own (e.g., ₹10 lakh for cash-based transactions) |
FAQs about RTGS
- What if the RTGS transaction fails?
If an RTGS transaction fails due to incorrect details (e.g., wrong account number or IFSC) or technical issues, the funds are typically reversed to the sender's account within a few hours or, in some cases, up to one working day. - Can an RTGS transaction be cancelled?
Once an RTGS transaction is initiated and processed by the bank, it generally cannot be stopped or cancelled because of its real-time nature. This underscores the importance of verifying details before confirming the transfer. - Is an IFSC code mandatory for RTGS?
Yes, the IFSC (Indian Financial System Code) is mandatory for all RTGS transactions. It is a critical identifier that helps the banking system accurately route funds to the correct beneficiary bank and branch. - How long does it take for RTGS funds to reach the beneficiary?
RTGS transactions are designed for immediate or near-immediate credit. Funds are typically credited to the beneficiary's account in real-time or within a few minutes of successful processing by the remitting bank.
For more detailed information on RTGS regulations, you can refer to the official guidelines provided by the Reserve Bank of India (RBI) on their website. Many banks also provide specific guides for their online banking platforms, such as this example from State Bank of India or HDFC Bank.
