What is the full form of RTGS?

The full form of RTGS is Real Time Gross Settlement, which is a method of instantaneous money transmission. Since RTGS requires Net Payment, actions are taken immediately and individually rather than in batches. One of the quickest ways to transfer money between banks in India is using RTGS. In 30 minutes, the money is transferred between the two accounts. The following information is needed when sending money via the RTGS technique.

• The amount of money which is to be transferred
• Name of recipient and payee
• Name of payee and recipient bank
• Payee/beneficiary bank IFSC code
• Payee/beneficiary bank account number

One well-known and secure means of transferring money is the RTGS system, which the Indian Reserve Bank runs.

• In India, RTGS is a popular money transfer method with many features. The following are the benefits of adopting RTGS as the method for money transfers:

• The RTGS system, which is a safe and secure way of funding, is maintained by the Reserve Bank of India.

• Since everything is done in real-time, there is no room for lag.

• In India, RTGS usage has no geographical restrictions.

• You can transfer money quite easily from your home or office.

RTGS Limit	Minimum of 2 lakhs to no upper ceiling limit
RTGS Timing	Monday to Saturday(Leave on 2nd and 4th Saturday) – 8.00 to 4.30 am

RTGS stands for Real-Time Gross Settlement. In this arrangement, the transfer is authorised directly by the beneficiary bank. Since the payment is gross, each transaction is carried out separately. These payments are non-refundable and final.

The primary distinction between NEFT and RTGS is that, in contrast to RTGS, money is moved in batches using NEFT. This is why hourly intervals are specified, and the settlement is allocated to one of them.