RTGS money transfer timings change: All you need to know
New Delhi : In order to increase digital transactions, the Reserve Bank of India (RBI) has increased the work timing of famous money transfer service (RTGS) by an hour. The users will now be able to send and receive money from 7AM instead of 8AM from August 26.
"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," the RBI said in a notification.
New RTGS timing window with effect from 26 August 2019
Open for Business-7 am
Customer transactions (Initial Cut-off)-6 pm
Inter-bank transactions (Final Cut-off)-7.45 pm
Intra-day liquidity (IDL) Reversal-7.45 pm to 8.00 pm
End of Day-8.00 pm
Five things you must know about new RTGS rules
1: Currently, RTGS is available for customer transactions from 8 am to 6 pm and for inter-bank transactions from 8 am to 7.45 pm.
2: The new timings will come to an effect from August 26.
3: The system is meant for high value transactions, the minimum amount to be sent through RTGS is ₹2 lakh with no maximum limit.
4: RTGS transactions are real time.
5: In this transfer, the beneficiary bank receives the instruction to transfer funds immediately when you carry out the transaction, and the transfer is instantaneous.
Currently, the NEFT, a retail payment system, is available for 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 NEFT system is used for fund transfers of up to ₹2 lakh.