Services / Real Time Gross Settlement (RTGS)
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers 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.
In the competitive environment, various types of services are being provided by Bank. To provide speedy financial transaction through new technology, we have started to provide “RTGS” facility to customers in association with The Gujarat State Co-op Bank Ltd.
|Rs 2,00,000/- to Rs 5,00,000/-||8 AM to 4:30 PM||Rs 30.00||Rs 5,00,001/- and above||8 PM to 4:30 PM||Rs 59.00|
|Settlement||Real time (Faster)|
|Full Form||Real Time Gross Settlement|
|Timings on Mon – Fri||8:00 am – 4:30 pm|
|Timings on Saturday||8:00 am – 4:300 pm|
|Minimum amount of money transfer limit||2 lacs|
|Maximum amount of money transfer limit||No Limit|
|When does the Credit Happen in beneficiary account||Real time between Banks|
|Suitable for||Large Money Transfer|
The Remitter has to provide the following details:
- Amount to be remitted
- Account no. to be credited
- Name of the beneficiary bank
- Name of the beneficiary customer
- Sender to receiver information, if any
- IFSC code of the receiving branch.
- Mobile number of the remitter.