- The RTGS system is primarily meant for large value transactions.
- The minimum amount to be remitted through RTGS is Rs. 2,00,000/- with no upper or maximum ceiling.
- RTGS is available 24x7x365.
Charges
| REAL TIME GROSS SETTLEMENT SYSTEM (RTGS) | ||
|---|---|---|
| Inward Transactions | Free | |
| Outward Transactions | ||
| Transaction Value | From Branch | From IBS/ MBS |
| Rs. 2 lakh to Rs. 5 lakh | Rs. 24.50 + GST | Rs. 24.00 + GST |
| Above Rs. 5 lakh | Rs. 49.50 + GST | Rs. 49.00 + GST |
Information Needed for RTGS
- Amount to be remitted
- The account number to be debited
- Name of the beneficiary bank and branch
- The IFSC number of the receiving branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if any
What is UTR number?
Unique Transaction Reference (UTR) number is a 22 character code used to uniquely identify a transaction in RTGS system.
What is LEI and what is its purpose?
The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management. It is used to create a global reference data system that uniquely identifies every legal entity in any jurisdiction that is party to a financial transaction. It can be obtained from any of the Local Operating Units (LOUs) accredited by the Global Legal Entity Identifier Foundation (GLEIF), the body tasked to support the implementation and use of LEI. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL) (https://www.ccilindia-lei.co.in), which is also recognised as an issuer of LEI by the Reserve Bank.
Which RTGS transactions should include LEI information?
All payment transactions of value Rs. 50 crore and above undertaken by entities (non-individuals) should include remitter and beneficiary LEI information from April 1, 2021.
Is LEI required for individual customer transactions?
No, LEI is not required for customer transactions where both remitter and beneficiary are individuals.