Q.1 What
is RTGS System?
Ans The
acronym “RTGS” stands for Real Time Gross Settlement. RTGS system is a funds
transfer mechanism where transfer of money takes place from one bank to another
on a “real time” and on “gross” basis. This is the fastest possible money
transfer system through the banking channel. Settlement in “real time” means
payment transaction is not subjected to any waiting period.
The transactions
are settled as soon as they are processed. “Gross settlement” means the
transaction is settled on one to one basis without bunching with any other
transaction. Considering that money transfer takes place in the books of the
Reserve Bank of India, the payment is taken as final and irrevocable.
Q.2 How RTGS is
different from Electronic Fund Transfer System (EFT) or National Electronics
Funds Transfer System (NEFT)?
Ans EFT
and NEFT are electronic fund transfer modes that operate on a deferred net
settlement (DNS) basis which settles transactions in batches. In DNS, the
settlement takes place at a particular point of time. All transactions are held
up till that time. For example, NEFT settlement takes place 6 times a day
during the week days (9.30 am, 10.30 am, 12.00 noon. 1.00 pm, 3.00 pm and 4.00
pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon). Any
transaction initiated after a designated settlement time would have to wait
till the next designated settlement time. Contrary to this, in RTGS, transactions
are processed continuously throughout the RTGS business hours.
Q .3 Is there any minimum / maximum amount stipulation for RTGS
transactions?
Ans. The RTGS system is primarily for large value transactions. The
minimum amount to be remitted through RTGS is Rs.1 lakh. There is no upper
ceiling for RTGS transactions. No minimum or maximum stipulation has been fixed
for EFT and NEFT transactions.
Q4. What is the
time taken for effecting funds transfer from one account to another under RTGS?
Ans. Under normal circumstances the beneficiary branches are expected
to receive the funds in real time as soon as funds are transferred by the
remitting bank. The beneficiary bank has to credit the beneficiary's account
within two hours of receiving the funds transfer message.
Q.5 Would the
remitting customer receive an acknowledgement of money credited to the
beneficiary's account?
Ans The
remitting bank receives a message from the Reserve Bank that money has been
credited to the receiving bank. Based on this the remitting bank can advise the
remitting customer that money has been delivered to the receiving bank.
Q.6 Would the
remitting customer get back the money if it is not credited to the
beneficiary's account? When?
Ans Yes.
It is expected that the receiving bank will credit the account of the
beneficiary instantly. If the money cannot be credited for any reason, the
receiving bank would have to return the money to the remitting bank within 2
hours. Once the money is received back by the remitting bank, the original
debit entry in the customer's account is reversed.
Q.7 Till what time RTGS service window is
available?
Ans The
RTGS service window for customer's transactions is available from 9.00 hours to
15.00 hours on week days and from 9.00 hours to 12.00 noon on Saturdays i.e. to
accept the customer transactions for settlement at the RBI during 9.00 hours to
15.00 hours on week days and between 9.00 hours and 12.00 noon on Saturday.
However, the timings between these hours would vary depending on the customer
timings the branches have. For inter-bank transactions, the service window is
available from 9.00 hours to 17.00 hours on week days and from 9.00 hours to
14.00 hours on Saturdays.
Q.8 What about
Processing Charges/Service Charges for RTGS transactions?
Ans While RBI has waived its processing charges for all electronic
payment products till March 31, 2008, levy of service charges by banks is left
to the discretion of the respective banks. The bank-wise details of charges
levied are available on the RBI website – www.rbi.org.in.
Q.9 What is the
essential information that the remitting customer would have to furnish to a
bank for the remittance to be effected?
Ans The
remitting customer has to furnish the following information to a bank for
effecting a RTGS remittance:
1. Amount
to be remitted
2. His
account number which is to be debited
3. Name
of the beneficiary bank
4. Name
of the beneficiary customer
5. Account
number of the beneficiary customer
6. Sender
to receiver information, if any
7. The
IFSC code of the receiving branch
Q.10 How would one know the IFSC code of the
receiving branch?
Ans. The beneficiary customer can obtain the IFSC code from his
branch. The IFSC code is also available in the cheque leaf. This code number
and bank branch details can be communicated by the beneficiary to the remitting
customer.
Q.11 Do all bank branches in India provide RTGS
service?
Ans No,
all the bank branches in India are not RTGS enabled. As on January 31, 2007
more than 26,000 bank branches are RTGS enabled. The list of such branches is
available on RBI website www.rbi.org.in/Scripts/Bs_viewRTGS.aspx
Q.12 Is there any
way that a remitting customer can track the remittance transaction?
Ans It
would depend on the arrangement between the remitting customer and the
remitting bank. Some banks with internet banking facility provide this service.
Once the funds are credited to the account of the beneficiary bank, the
remitting customer gets a confirmation from his bank either by an e-mail or by
a short message on the mobile.
Q.13. Whom do I can
contact, in case of non-credit or delay in credit to the beneficiary account?
Ans Contact your bank / branch. If the issue is not resolved
satisfactorily, the Customer Service Department of RBI may be contacted on cgmcsd@rbi.org.in
or write to -
The Chief
General Manager,
Reserve
Bank of India,
Customer
Service Department,
1st
Floor, Amar Building, Fort,
Mumbai-400001
Q.14 How much
volume and value of transactions are routed through RTGS on a typical day?
Ans On
a typical day, RTGS handles about 14000 transactions a day for an approximate
value of Rs.1,50,000 crore.
Q.15 How can a
remitting customer know whether the bank branch of the beneficiary accepts
remittance through RTGS?
Ans For
a funds transfer to go through RTGS, both the sending bank branch and the
receiving bank branch would have to be RTGS enabled. The lists are readily
available at all RTGS enabled branches. Besides, the information is available
at RBI website (www.rbi.org.in/Scripts/Bs_viewRTGS.aspx
). Considering that more than 26,000
branches at more than 3,000 cities/ towns and taluka places are covered under
the RTGS system, getting this information would not be difficult.
SOURCE:-www.iba.org.in/faqs-rtgs-neft-ecs.doc
SOURCE:-www.iba.org.in/faqs-rtgs-neft-ecs.doc