This is the fastest means of transfer of funds from the account of A customer of one Bank to the account of another customer of another bank. it is used for an amount not less than 1 lac.There is no LIMIT for maximum amount for transaction.
RTGS stands for Real time gross settlement.Real time means a time having zero waiting period. Gross settlement means settlement on individual basis.This is different from net settlement where transactions of a bank is processed throughout the day but interbank settlement takes place after certain period after netting the debits and credits of a particular bank against another bank.
Thus, RTGS Payment is a system in which fund transfer between Banks are processed and settled individually through out the day.INDIAN FINANCIAL SYSTEM CODE is must for this transaction, which is a unique code allotted to any individual branch of a bank.
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