RBI Extends Timing for Fund Transfer via RTGS by one and a half hour. Earlier one will able to transfer funds via RTGS till 4:30PM which RBI has now extended till 6PM. This new timing will applicable from June 1, 2019.
Well, those of you who don’t know about RTGS which stands for Real Time Gross Settlement is a medium of fund transfer. One will use this when wants to transfer huge funds. As you can see, the minimum amount of fund transfer via RTGS is Rs. 2 lakh whereas there is no upper limit.
From the new timing I know many of you already calculates that now, the fund transfer to take place in three windows. The first one starts from 8am to 11am whereas the second and third one to start in between 11am to 1pm and 1pm to 6pm respectively.
Customers who make transactions in the first window won’t have to pay any additional fee while in the second and third window they have. The processing charge for transactions made under second and third window will be Rs. 2 and Rs. 5 respectively. However, one who make transactions after 6pm have to pay Rs. 10 as the processing fee.
Similar to RTGS, there is one more popular medium of fund transfer called NEFT. However, NEFT works in Hourly batches. For example, currently SBI has 11 NEFT batches in week days that operates in between 8am to 7pm whereas 5 NEFT batches on Saturday.
So, those of you who are regularly transacting via RTGS, should marked down this new timing.