Real Time Gross Settlement (RTGS) timings at RBI end is 9 A.M. to 4:30 P.M. on weekdays and from 9:00 A.M. to 12:30 P.M. on Saturdays. No settlements happen on Sundays.
However, banks have a separate cut off timings for RTGS as they need to pool the transactions and send it to RBI before the cut off time by RBI. For example Bank of India’s RTGS timings are 9:15 A.M. to 3:45 P.M on weekdays and 9:15 A.M. to 11:45 A.M. on Saturdays.
Minimum amount for transferring through RTGS system is Rs 1lakh and there is no maximum limit. RBI charges banks as given below.
Between Rs. 1 lakh and Rs. 5 lakh – Maximum of Rs. 25 per transaction.
Rs. 5 lakh and above – Maximum of Rs. 50 per transaction.
Banks bear this charge on behalf of privileged customers and pass on the charges to others.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
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