rtgs real time gross settlement
TRANSCRIPT
REAL TIME GROSS SETTLEMENT
byAYUSH VERMA
SLIDESHARE.NET
CONTENTSE-Transfer Systems in INDIARTGSWhy RTGS ?Making RTGS PaymentsInformation Needed for Effective RemittanceWorking of RTGSProcedure
TimingsTransaction Amount LimitsProcessing Charges Reference
E-Transfer Systems in INDIA
NEFTNational Electronic Funds Transfer
RTGSReal Time Gross Settlement
IMPSImmediate Payment Service
RTGS It is a continuous (real-time) settlement of funds
transfers individually on an order by order basis
Real Time - processing of instructions at the time they are receivedpayment transaction is not subjected to any waiting period
Gross Settlement - settlement of instructions occurs individuallytransaction is settled on one to one basis without bunching or
netting with any other transaction
payments are final and irrevocable
Why RTGS ?
Reduces the cost of exchanging goods and services
A RTGS electronic fund transfer facilitates fund transfer on real time basis.
In case of a holiday, the amount gets credited on the next working day.
RTGS could also be done offline by submission of the remittance form at the bank branch of the remitter.
RTGS avoids the cost involved in other instruments of fund transfer such as demand draft.
MakingRTGSPayments
Information needed for Effective Remittance
Amount to be remittedRemitting customer’s account number which
is to be debited.Name of the beneficiary bank.Name of the beneficiary.Account number of the beneficiary.IFSC code of the destination bank branch
WORKING OF RTGS
PROCEDURE Activation Internet banking should be activated for conducting transactions through
RTGS.
Beneficiary The person to whom the payment is to be made needs to be added as a
'beneficiary' and his bank account details provided in order to transfer the funds. These include the name of the beneficiary account holder, account number, bank and branch name, and the IFSC code of the beneficiary bank branch.
Processing The bank requires 12-24 hours for authenticating the details of the
beneficiary.
Transfer Select the type of transfer option (NEFT or RTGS), beneficiary name,
amount, and the reason/description of transfer. On submission of the details and the security password, the transfer instruction is processed. The RTGS transfer is carried out on a real-time basis.
Timings
No Service on Bank Holidays
Transaction Amount LimitMinimum : INR 200,000 (for INDIA)
Maximum : No Limit
maximum amount may vary with respect to banks
For example, RTGS maximum Amount Limit in SBI Rs.5 million for small & medium firms Rs.5 billion for large & very large firms
Processing ChargesTimings Amount (Rs.) Charges (Rs.)
9 a.m. – 12 noon200,000 – 500,000 25
Above 500,000 50
After 12 noon – 3:30 p.m.
200,000 – 500,000 26
Above 500,000 51
After 3:30 p.m.200,000 – 500,000 30
Above 500,000 55
ReferenceReserve Bank of IndiaState Bank of IndiaIndustrial Credit and Investment Corporation
of Indiahttp://en.wikipedia.org/Casansaar.comJagoInvestor.com
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