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

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

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.