RTGS: What is this special method of payment, know everything about it...

Real-Time Gross Settlement: Today's era has given us more than one facility to transfer money. However, with the variety of methods available to transfer funds, choosing the payment method that best suits your needs can be a bit difficult. RTGS is also a way to transfer money, let us give you complete information about transferring funds through RTGS today.

What is the meaning of RTGS?
RTGS stands for Real Time Gross Settlement. It is a payment system that transfers funds without taking any transaction time. With the help of this method, the customer can make continuous and real-time payments. 'Real time' means in real-time, and gross settlement means fund transfer.

What are the advantages of using RTGS
-RTGS is a secure mode of fund transfer.

-There is no limit set by RBI for RTGS transactions or transfers.

- This service is available 24/7. In real-time, the funds get transferred to the beneficiary's account. - No check or demand draft is required to send money.

- There is no need for paperwork in the bank branch for the beneficiary.

- There is no worry of any kind of theft or fraud.

-RTGS can also be done with the help of net banking.

- There is a nominal fee for the transaction. Transaction through RTGS is legally secure.

What is the difference between RTGS and NEFT?
NEFT is an electronic fund transfer system. It takes a certain amount of time to transfer money. In contrast, the fund transfer through RTGS is instant.

what information needs to be filled
- Amount to be sent

- Account number in which money is to be deposited

- Beneficiary's bank and branch information

-IFSC code of the account holder

- Customer Name

- Account number of the beneficiary customer

Caution for RTGS
- Beneficiary details for RTGS, customer name, account number, as well as beneficiary bank branch name and IFSC code should be checked correctly

- Utmost care should be taken in filling in the beneficiary's account number.