These rules related to money transactions will change in the last month of the year, your bank is going to make a big change

RTGS is also called real-time gross settlement. Through this money can be easily transferred in a short time. This generally facilitates large amounts of transactions.

21st November, 2020

RTGS Payment, Online Fund Transfer, NEFT, RTGS, RBI, SBI: In the last month of the year 2020, some rules related to bank money are going to be changed. Under this new rule, you will now be able to transfer money through 24 hours and 365 days of real-time gross settlement (RTGS).

Actually, the Reserve Bank of India (RBI) announced to implement RTGS 24x7 hours. For the time being, except on the second and fourth Saturdays, RTGS can be done from 7 am to 6 pm on all working days of the month.

What is RTGS service?

RTGS is also called real-time gross settlement. Through this money can be easily transferred in a short time. This generally facilitates large amounts of transactions. The great thing for big businessmen. Amount less than Rs 2 lakh cannot be transferred through it. Even more important is that no extra charges are also required to be paid on transfer. You can transfer funds either online or through bank branches.

Earlier, National Electronic Fund Transfer (NEFT) was made available 24 hours in a similar way. The NEFT system was made available 24x7 in December of the year 2019.

Know what is NEFT

National Electronic Funds Transfer (NEFT) is an easy way to make electronic payments. Through which you can transact money from one account to another within seconds. For this, an internet banking facility should be enabled in your account. The great thing is that there is no extra charge of any kind to transfer money in it. But it takes to charge to get NEFT from the branch.

Why this facility is being provided

This decision is being taken to develop India's international financial centers and to provide online payment flexibility to domestic and corporate institutions on a large scale.

Category: Business

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Reported by:
Maharanee Kumari