Under the scheme, there is continuous and real-time settlement of fund transfers individually on a transaction by transaction basis. Above Rs 5 lakh: not exceeding Rs 49.50 (exclusive of tax, if any)īanks may decide to charge a lower rate but cannot charge more than the rates prescribed by RBI.Rs 2 lakh to Rs 5 lakh: not exceeding Rs 24.50 (exclusive of tax, if any).Banks may pass on the benefit to its customers." Thus, there are no charges on the money credited into your bank account.Īccording to the RBI, iIn case of outward transactions or debit transactions, the maximum charges cannot exceed: As per the RBI FAQs dated October 30, 2019, "With effect from July 01, 2019, the Reserve Bank has waived the processing charges levied by it for RTGS transactions.
Though the NEFT facility is free of cost, there maybe charges levied on making an RTGS transfer. However, banks usually have an upper ceiling of Rs 10 lakh. As per the RBI's FAQs, the minimum amount that can be remitted through RTGS is Rs 2 lakh with no upper or maximum ceiling. The facility is used to transfer large money sums from one bank account to another. RTGS stands for Real Time Gross Settlement. This facility will be made effective from December 2020." With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system. To support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India's efforts to develop international financial centers and to provide wider payment flexibility to domestic corporates and institutions, it has been decided to make available the RTGS system round the clock on all days. The large-value RTGS system is currently available for customers from 7.00 am to 6.00 pm on all working days of a week (except 2nd and 4th Saturdays of the month). In its statement the central bank said, "In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The announcement comes after the RBI made the NEFT facility available 24X7 from December 16, 2019. Under the current rules, the transfers can be made between 7 AM and 6 PM on all working days except for the second and fourth Saturday of the month and on Sundays. The Reserve Bank of India ( RBI) in its Statement on Development and Regulatory Policies has announced that the money transfer facility, RTGS, will be available round the clock, 24 hours a day, 7 days a week from December 2020.
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