RBI to extend RTGS deadline to 6 p.m. from June 1

A man checks his phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, India April 5, 2018. REUTERS/Francis Mascarenhas/File PhotoReuters
  • The new time frame for RTGS will be effective from June 1.
  • The fee for transfer of funds during 11am to 1pm is ₹2 whereas from 1pm to 6pm is ₹5.

The Reserve Bank of India (RBI) has extended the timing for 'Real Time Gross Settlement’ (RTGS) system to 6 pm from its earlier 4.30 pm. The new time frame for RTGS will be effective from June 1, according to a statement issued by RBI on Tuesday.

"It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4.30 p.m. to 6 p.m.

"The time-varying charges for transactions in RTGS from 13:00 hours (1 p.m.) to 18:00 hours (6 p.m.) shall be Rs 5 per outward transaction," RBI said.

Current fee structure for using RTGS transaction

8 am to 11am Nil
11 am to 1pm ₹2
1pm to 6pm ₹5
After 6pm ₹10

Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm will be ₹10.

RTGS is an online financial transaction system, where user can do real-time settlement of fund transfers individually, on a transaction-by-transaction basis. However, the system does not work around the clock.

The RTGS system was built primarily for high value transactions. The minimum amount for the transaction for an RTGS is ₹200,000 with no restrictions on maximum value.

The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI's end.

(with IANS)