RBI to extend RTGS deadline to 6 p.m. from June 1
- 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
|11 am to 1pm
|1pm to 6pm
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.
Popular on BI
- Gen Z faces more pressure at work than previous generations because technology has eliminated work-life boundaries, a psychology professor says
- All 81 movies based on Marvel comics, ranked according to critics
- EY and Deloitte are scrutinizing staff workloads and quietly letting some workers go, report says
- Family Business Succession Planning
- Delhi govt issues guidelines for handling end-of-life vehicles in public places
- Signal launches usernames to keep your phone number private
- Body-adapting bras, reusable period panties & more help this startup bag ₹80 lakh from 'sharks'
- Hindalco subsidiary Novelis files draft papers for proposed US IPO