What is RTGS ?
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
Is there any minimum / maximum amount stipulation for RTGS transactions done on ICICIBank.com?
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. The maximum limit is Rs 10 lakh per day.
What are the transaction or service charges for RTGS transactions done on ICICIBank.com?
For Online Channels:
Transaction charge for Real Time Gross Settlement (RTGS) initiated through online modes (i.e. Internet Banking, iMobile app, Mera iMobile app and Pockets app) is Nil.
RTGS Charges – Outward transactions
Amount above Rs 2 lakh upto Rs 5 lakh – Rs 20 + Applicable GST
Amount above Rs 5 lakh upto Rs 10 lakh – Rs 45 + Applicable GST
What is the time taken for effecting funds transfer from one account to another under RTGS on ICICIBank.com?
Under normal circumstances the beneficiary branches are expected to receive 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 30 minutes of receiving the funds transfer message.
What is the maximum time for returning of RTGS transactions, which could not be credited to beneficiary’s account?
If the funds are not credited to the beneficiary’s account for any reason like account does not exist, account frozen etc., the funds will be returned to the originating bank within one hour or before the end of the RTGS Business day, whichever is earlier.
How Real Time Gross Settlement (RTGS) is different from National Electronics Funds Transfer System (NEFT)?
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours.
Can I schedule an RTGS transaction in advance?
Yes, RTGS transactions can be rescheduled in advance.
What is the time frame to schedule an RTGS transaction?
The time frame to schedule an RTGS transaction in advance is 3 working days. You can pay for transactions like:
- Cash Management Transfer
- Supplier Payment
- Tax Payment
- Trade Settlement Payment
- Value Added Tax Payment