Rtgs

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2012 I dont known rtgs please what it actually

CA. Hari Kishan

CA. Hari Kishan (Expert)
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21 February 2012 It refers to REAL TIME GROSS SETTLEMENT, a faster and easy way to transfer funds from one bank account to another..

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 February 2012 What is RTGS System?

Ans. The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

Is there any minimum / maximum amount stipulation for RTGS transactions?

Ans. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ` 2 lakh. There is no upper ceiling for RTGS transactions.

For more check below link of RBI website:

https://rbi.org.in/scripts/FAQView.aspx?Id=65

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