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New RTGS Money Transfer Timings Effective From Today: Important Instructions for Customers

Abha Toppo
Abha Toppo
neft rtgs

The Reserve Bank of India or RBI has now extended the consumer transactions timing for Real Time Gross Settlement (RTGS) system by 1 hour. You will be able to transfer funds through the RTGS system from 7 am (morning) instead of 8 am from today onwards. RBI in a notification said "In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS & commence operations for customers & banks from 7:00 am".

New RTGS timing window effective from 26 August 2019

Open for Business

7 am

Customer transactions (Initial Cut-off)

6 pm

Inter-bank transactions (Final Cut-off)-

7.45 pm

Intra-day liquidity (IDL) Reversal

7.45 pm to 8.00 pm

End of Day

8.00 pm

Important Instructions for Customers

  • With effect from 26 August 2019, the RBI brought forward by an hour the time when the RTGS system will become available.

  • Previously, transfer of funds via the system was available for customer transactions from 8 am - 6 pm. Now, money transfer can be done from 7 am - 6 pm.

  • The Real Time Gross Settlement system is mainly meant for high-value transactions.

  • The minimum amount that can be sent through RTGS is Rs. 2 lakh with no maximum limit.

  • In this kind of money transfer, the beneficiary bank gets the instruction to transfer funds instantly when you carry out the transaction & the transfer is immediate.

Earlier this month, the Reserve Bank of India had decided to allow round-the-clock fund transfers via the National Electronic Funds Transfer (NEFT) from December 2019 so as to promote digital transactions. At present, the NEFT is available for customers from 8 am - 7 pm on all working days except second & fourth Saturdays of a month.

The NEFT system could be used for fund transfers of up to Rs. 2 lakh.

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