RTGS Fund Transfer Timing Extended – RBI Circular on 28.5.2019
Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions
Reserve Bank Of India
RBI/2018-19/189
DPSS (CO) RTGS No. 2488/04.04.016/2018-19
May 28, 2019
The Chairman / Managing Director / Chief Executive Officer
of member banks participating in RTGS
Madam / Dear Sir,
Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions
A reference is invited to circular DPSS (CO) RTGS No.492/04.04.002/2015-16 dated September 1, 2015 on ‘Changes in RTGS time window’ and circular DPSS (CO) RTGS No.1926/04.04.002/2015-16 dated February 4, 2016 on ‘RTGS service charges for members and customers – Rationalisation’.
2. It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm. Accordingly, the RTGS time window with effect from June 01, 2019 will be as under:
| Sr. No. | Event | Time |
| 1. | Open for Business | 08:00 hours |
| 2. | Customer transactions (Initial Cut-off) | 18:00 hours |
| 3. | Inter-bank transactions (Final Cut-off) | 19:45 hours |
| 4. | IDL Reversal | 19:45 hours – 20:00 hours |
| 5. | End of Day | 20:00 hours |
3.The time-varying charges for transactions in RTGS from 13:00 hours to 18:00 hours shall be ₹ 5 per outward transaction. The time varying charges structure is as under:
| Sr. No. | Time of Settlement at the Reserve Bank of India | Time varying charge per outward transaction (in addition to flat processing charge) (exclusive of tax, if any) |
|
| From | To | ||
| 1 | 08:00 hours | 11:00 hours | Nil |
| 2 | After 11:00 hours | 13:00 hours | ₹ 2.00 |
| 3 | After 13:00 hours | 18:00 hours | ₹ 5.00 |
| 4 | After 18:00 hours | ₹ 10.00 | |
4. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007).
Yours faithfully,
sd/-
(Sangeeta Lalwani)
General Manager (Officer in Charge)
What is RTGS? and What is NEFT?
RTGS / NEFT – FAQ
1. What is Inter Bank Transfer?
Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer – RTGS and NEFT. Both these systems are maintained by Reserve Bank of India.
RTGS – Real Time Gross Settlement – This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
NEFT – National Electronic Fund Transfer – This system of fund transfer operates on a Deferred Net Settlement basis. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in half hourly batches currently there are 23 settlements on all working days including working Saturday (Excluding Sundays / Holidays / 2nd and 4th Saturdays): 08.00 AM to 07:00 PM.
The above mentioned facilities are available to both Retail and Corporate Internet Banking users of SBI (provided they have availed transaction rights).
2. What is the minimum/maximum amount for RTGS / NEFT transactions under Retail Internet Banking?
| Minimum / Maximum amount for RTGS / NEFT transactions under Retail Internet Banking | ||
| Type | Minimum | Maximum |
| RTGS | Rs. 2 Lakhs | Rs. 10 Lakhs |
| NEFT | No Minimum | Rs. 10 Lakhs |
3. What is the minimum/maximum amount for RTGS / NEFT transactions under Corporate Internet Banking?
| Minimum / Maximum amount for RTGS / NEFT transactions under Corporate Internet Banking | ||
| Type | Minimum | Maximum |
| RTGS | Rs.2 Lakhs | Rs.50 lakhs for Vyapaar and Rs.2000 crores for Vistaar |
| NEFT | No Minimum | Rs.50 lakhs for Vyapaar and Rs.2000 crores for Vistaar |
4. When does the beneficiary get the credit for a RTGS payment?
Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message.
5. When does the beneficiary get the credit for a NEFT payment?
As stated above, NEFT operates in half hourly batches. Currently there are twenty three settlements from 8 am to 7 pm on all working days including working Saturdays. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5.30 pm on all working days including working Saturdays on the same day. For transactions settled in the 6.30 and 7 pm batches on all working days including working Saturdays, the credit will be afforded either on the same day or on the next working day.
6. If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?
Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.
7. If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.
8. At what time during the day/week the RTGS & NEFT services are available?
| RTGS transactions are sent to RBI as per the following schedule: | ||
| Day | Start Time | End Time |
| Monday to Working Saturday | 8:00 hrs | 18:00 hrs |
9. What are the security measures/steps to be adopted while using Mobile Online SBI?
For effecting an RTGS / NEFT remittance the remitter has to furnish the following information:…
10. How to find the IFSC code of the beneficiary branch?
In Onlinesbi, the remitter has the option of selecting the location of the destination Bank Branch in case the IFSC code is not known. If the correct values are selected for Bank, State and Branch, the IFSC code is automatically updated.
11. Do all bank branches in India provide RTGS & NEFT services?
No. RTGS and NEFT services are enabled only in specific bank branches across the country. A list of such RTGS / NEFT enabled branches can be obtained from the RBI website, https://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB1110.xls for RTGS and https://www.rbi.org.in/scripts/neft.aspx for NEFT.
12. How do I go about using this service?
Avail Internet Banking facility for your account with transaction rights. Contact your SBI branch for the purpose….
13. What are the service charges applicable for RTGS / NEFT transactions?
Charges for RTGS / NEFT are as listed in the following table:…
14. Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT transaction?
Please contact your bank/branch or the destination bank/branch or the Customer Facilitation Service Centre of the banks.
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