Customers can transfer funds above Rs. 2,00,000 to any bank account in India on same day.
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.
Timings For Transaction
• Monday to Friday: 8.00 am to 4.00 pm.
• Saturday: 8.00 am to 4.00 pm, Except Second and Fourth Saturday.
• Weekly off Sunday.