What is the minimum amount that can be remitted through RTGS?

Real Times Gross Settlement (RTGS) is the settlement of transactions on a real time basis. These type of transactions are normally very high value transactions and hence the minimum amount stipulated under the RTGS system is Rs 2 lakhs.

However, there is no limit on the maximum amount that one can remit through the RTGS.

How much times does it take?

Normally, bank branches receive the funds in real time, as and when the remitting banks receive the amount. However, it does take time by the branch to credit the amount, depending on how busy they are. The beneficiary bank must credit the amount within two hours of receiving the instructions.

Do you get your money back, if money is not transferred

There may be numerous reasons for the receiving branch not being able to credit the required amount. These could be reasons as varied as a frozen bank account or an account that does not exist, or an account which has remained dormant for too long etc.

According to the RBI, money received by a RTGS member for the credit to a customer's account, will be returned to the originating RTGS member within two hours of the receipt of the payment at the PI of the recipient bank or before the end of the RTGS Business day, whichever is earlier, if it is not possible to credit the funds to the beneficiary customer's account for any reason.

Once the money is received back by the remitting bank, the original debit entry in the customer's account is reversed. Read difference between RTGS and NEFT here

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