REAL TIME GROSS SETTLEMENT
Real-Time Gross Settlement (RTGS) is one of the processes that settle payments to the recipient on an instant basis without having to wait for some time for the settlement to happen. RTGS services are irrevocable once the settlements are done.
● Prelims points:-
💡Transfer amount – 2 lakhs to 2,000 crores.
💡 Target customers – Buisnessmen wanting high value transactions instantly.
💡 Settlement mechanism – Instant settlement.
💡 Timing – only working days 8am to 5:30 pm (SBI)
💡 Charges = Person has to pay Fee and GST.
💡 Only bank can provide this facility as it requires IFSC branch code.
