In the next 10 days i.e. from December, the rules of banks related to cash transfer will change. Actually, RBI has changed the rules regarding Real Time Gross Settlement (RTGS). Now people will be able to avail RTGS facility 24 hours. This arrangement is to be implemented by RBI from December. Right now this service does not work for 24 hours. This decision of the RBI will benefit people and businessmen who have large transactions or fund transfers.
Service will be available 24 hours from December
RBI will start 24-hour service of RTGS from December. Right now RTGS service is available from 8 am to 7:55 pm. In a review issued after the three-day first meeting of its last monetary policy committee, RBI said that India will be among the few countries globally where there will be a system of immediate settlement of large value payments for 24 hours, seven days, twelve months.
What is RTGS
RTGS is a fast process of fund transfer. Through this system, you can transfer money from one bank account to another. Funds can be transferred for a minimum of Rs 2 lakh in RTGS. There is no maximum limit. Money is delivered instantly through RTGS.
It takes charges
There is no charge for RTGS from 8 am to 11 am. There is a charge of Rs 2 from 11 am to 2 pm and Rs 10 after 6 pm.
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