RBI just changed their policy on RTGS transfers. These transfers help people, merchants and many entities in settling cash transfers in real time.
- For those who don’t know, RTGS settlements are usually made for high value transactions. The minimum amount to be transmitted here is 2 lakh rupees with no limit on the maximum amount.
- Earlier, RTGS transactions were only allowed until 4.30 pm. Soon, this timing will be extended to 6pm.
- As of June 1, RTGS timings will be updated to 6pm. This will be applicable from June 1. The final cut off for inter bank transactions will be 7.45pm.
- The transactions will take place under 3 windows; 8 am to 11 am, 11 am to 1 pm and 1 pm to 6 pm. The additional fees for the second and third window will be fixed at 2 and 5 rupee per transaction respectively.
- Transactions after 6 pm which are for Inter-bank transactions will be charged 10 rupees per transaction.
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