New Delhi: The Reserve Bank of India has extended the timings of Real-Time Gross Settlement (RTGS) transactions by an hour from 7 AM instead of 8 AM effective from August 26, stated the RBI on Wednesday.

“In order to increase the availability of the RTGS system, it has been decided to extend the operating hours of RTGS and commence operations for customers and banks from 7:00 am,” stated an official notification from the RBI.

Here’s All You Need to Know About Fund Transfer via RTGS, NEFT:

1) At present, the Real Time Gross Settlement (RTGS) System is available for customer transactions from 0800 hours to 1800 hours (i.e., from 8 AM to 6 PM) and for inter-bank transactions from 0800 hours to 1945 hours, i.e., from 8 AM to 7.45 PM.

2) The extension in the timing of customer transactions will be effective from August 26.

3) Earlier this month, the RBI had decided to allow round-the-clock fund transfers through the National Electronic Funds Transfer (NEFT) starting from December 2019.

4) At present, the retail payment system NEFT is available for customers from 8 AM to 7 PM on all the working days except on the second and fourth Saturdays of every month.

5) While the NEFT system is used for fund transfers of up to Rs 2 lakh, the RTGS system is used for high-value transactions starting from ₹2 lakh with no cap on the maximum amount of fund transfer.

6) The real-time RTGS transactions are instantaneous, i.e., the beneficiary bank receives instruction to transfer funds as soon as the transaction is carried out.