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Real Time Gross Settlement (RTGS)

Real Time Gross Settlement (RTGS) is the continuous (real-time) settlement of fund transfers individually. KGB has introduced RTGS mode fund transfer in all its branches. Amount starting from 2 Lakh can be sent to any other RTGS-enabled Bank’s customer account through this mode from any KGB Branch

Overview

  • 'Real Time' means instructions are processed at the time of receipt itself; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).

Features

  • Customer intending to initiate transfer of funds through RTGS has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted.
  • The application form will be available at any of the bank branch. Visit any of our branch, Fill in the form and Submit the same to Bank.

RTGS Timing

  • RTGS transactions can be initiated from any of the KGB branch anytime during Business hours
  • RTGS Settlement Timings : Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. So the settlement takes place in real time.

Rates & Charges

FAQ

  • In RTGS the transactions are settled individually. RTGS transactions are processed continuously throughout the RTGS business hours and the settlement takes place in real time.
  • NEFT unlike RTGS (Real Time Gross Settlement) is not a real-time settlement of money. NEFT Fund transfer transactions are settled in batches. Presently, NEFT operates in half-hourly batches from 8 am to 7 pm on Monday to Saturday.
  • No, Direct Cash remittance is not permitted.
  • Individuals, firms or corporates maintaining accounts with a RTGS enabled bank branch can receive funds through the RTGS system.
  • Presently,RTGS transactions are processed continuously throughout the RTGS business hours and the settlement takes place in real time. The RTGS service window for customer's transactions is available to banks from 9.00 hours to 16.30 hours on all working days settlement at the RBI end.
  • IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT / RTGS system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
  • Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank.
  • The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 lakh. There is no upper ceiling for RTGS transactions
  • 'Real Time' means instructions are processed at the time of receipt itself; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).
  • Customer intending to initiate transfer of funds through RTGS has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted.
  • The application form will be available at any of the bank branch. Visit any of our branch, Fill in the form and Submit the same to Bank.
  • RTGS transactions can be initiated from any of the KGB branch anytime during Business hours
  • RTGS Settlement Timings : Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. So the settlement takes place in real time.
  • In RTGS the transactions are settled individually. RTGS transactions are processed continuously throughout the RTGS business hours and the settlement takes place in real time.
  • NEFT unlike RTGS (Real Time Gross Settlement) is not a real-time settlement of money. NEFT Fund transfer transactions are settled in batches. Presently, NEFT operates in half-hourly batches from 8 am to 7 pm on Monday to Saturday.
  • No, Direct Cash remittance is not permitted.
  • Individuals, firms or corporates maintaining accounts with a RTGS enabled bank branch can receive funds through the RTGS system.
  • Presently,RTGS transactions are processed continuously throughout the RTGS business hours and the settlement takes place in real time. The RTGS service window for customer's transactions is available to banks from 9.00 hours to 16.30 hours on all working days settlement at the RBI end.
  • IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT / RTGS system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
  • Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank.
  • The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 lakh. There is no upper ceiling for RTGS transactions

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