RTGS: Online transaction rules will change from December 1, now you will get 24×7 service

RBI Online Transaction RTGS: If you use online banking service, then there is a good news for you. A rule related to online transactions is going to change from next month i.e. December. The Reserve Bank of India (RBI) has decided to provide RTGS i.e. Real Time Gross Settlement System service round the clock to promote digital transactions. From December 2020, customers will start benefiting from this under this new system.




In fact, after making the NEFT system available for 24 hours in December 2019, the RBI has now changed the rules related to RTGS. Funds are received in RTGS after some time i.e. money is immediately transferred from one account to another. Money is transferred on real time basis.

Also Read: NEFT RTGS and IMPS how to choose the best mode to transfer money

How RTGS works

Explain that real time gross settlement system i.e. RTGS is used to make big transactions in banks. For this, the minimum transfer amount has been fixed up to two lakh rupees, while there is no limit on the maximum amount. Funds cannot be transferred from one account to another through the same bank. Large amounts are transferred from one bank account to another bank account through RTGS. Apart from RTGS, customers using online banking service can also transact money through internet and mobile banking through NEFT and IMPS payment mode.




Online and digital transactions increased during lockdown

Due to the spread of Corona virus epidemic in the country, there has been an increase in online transactions during the first three months of the applicable lockdown in the country. In such a situation, the RBI has also decided to make RTGS available round the clock to promote online and digital transactions. With this, the customers of the bank will be able to transact large amount of money round the clock from December.

 

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