New Delhi: The Reserve Bank of India has extended the timings for customer transactions through Real Time Gross Settlement (RTGS) by one-and-a-half hours. The RTGS timing has been extended from 4:30 PM to 6:00 PM, with effect from June 1.

In an official notification issued on Tuesday, the RBI said, “It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.”

Check out the new timings which will be effective from June 1:

RTGS Timings

Source: RBI

Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting). The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2 lakh with no upper or maximum ceiling.

Notably, customers who opt the RTGS transactions are charged based on the time of the transaction. For instance, RTGS transactions held from 1:00 PM to 6:00 PM shall be Rs 5 per outward transaction, stated the RBI. Meanwhile, those conducted after 6:00 PM, comes with a charge of Rs 10 per outward transaction for remitting funds via the RTGS system.

RTGS Charges

Source: RBI

Besides, National Electronic Funds Transfer (NEFT) is another popular form of fund transfer. There is no limit for the minimum/maximum for fund transfer. However, NEFT operates in hourly batches. Currently, India’s largest bank SBI provides 12 settlements from 8 am to 7 pm on weekdays and five settlements from 8 am to 1 pm on Saturdays.

(With agency inputs)