The full form of RTGS is: REAL-TIME GROSS SETTLEMENT

What is RTGS?
Real-Time Gross Transfer is a method of fund transfer introduced in 2005 where the money can be sent to the receiver instantly or in real-time. There’s a minimum limit of 2 lakhs to transfer the money and there is no upper limit.
What are the benefits of RTGS?
-
The system is regulated by RBI and hence highly reliable, safe and secure
-
The transaction occurs instantly and is used for large fund transfer
-
Funds can be transferred online
-
No geographical limitation
What is the difference between NEFT and RTGS transactions?
-
There’s a minimum limit of 2 lakhs for RTGS which is not the case in NEFT.
-
In RTGS the fund transfer occurs in real-time whereas fund transfer in NEFT takes time and is settled in hourly batches.
Also Read: What is the Financial Decision Support System (DSS)?
How can I transfer money to a person using RTGS?
-
Activate your internet banking facility by contacting your bank and then log in to web portals by the User ID and Password provided to you
-
Go to your profile->beneficiary->inter-bank payment->RTGS
-
Add a beneficiary and fill the required fields
-
Accept the terms and condition and then click confirm
-
To authorize beneficiary to submit the password sent on your mobile number
-
After the beneficiary is activated (will take about 30 mins or more) in the Payments/Transfers tab click the Inter-Bank Transfer link.
-
Click transaction-type as RTGS, add the beneficiary’s account from the list of accounts displayed
-
Enter the amount (min 2 lakhs) and then accept the terms and conditions followed by clicking confirm.
-
Your fund will be transferred instantly.