Real Time Gross Settlement (RTGS)

Real Time Gross Settlement (RTGS) transfers are instantaneous – unlike National Electronic Funds Transfer (NEFT) where the transfers are batched together and effected at hourly intervals. As with NEFT, the transferor needs to know the IFSC Code and the beneficiary’s bank account no.
RBI allows the RTGS facility for transfers above Rs2 lakhs. The RBI window is open on weekdays from 9 am to 4.30 pm; on Saturdays from 9 am to 12.30 pm.