Timing of Transaction from This Bank Will Change from August 26

Real time gross settlement is the system through which money transfer work is done immediately in real time.
Timing of Transaction from This Bank Will Change from August 26

To promote digital transactions, the Reserve Bank of India (RBI) has extended the transaction time by one hour with the Real Time Gross Settlement System (RTGS). Now customers will be able to transact through RTGS from 7 am on August 26 instead of 8 am. The central bank said on Wednesday, "To increase the availability of the RTGS system, it has been decided to extend the operating time of the RTGS."

RTGS i.e. real time gross settlement is the system through which money transfer work is done immediately in real time. This allows funds to be transferred to individual account holders or customers in a group. This system is mainly used for large amount of transactions. Through this, a minimum transaction of Rs 2,00,000 can be done, while there is no limit on the maximum amount for the transaction.

Apart from RTGS, another popular medium of money transaction is also National Electronic Fund Transfer (NEFT). Its most important thing is that, there is no limit of minimum and maximum rupees. The drawback of this is that in this, fund transfer takes place at a specified time. NEFT is a retail payment system. It is available to customers from 8 am to 7 pm. This facility is not available on bank holidays and second and fourth Saturdays of the month. Funds up to Rs 2 lakh can be transferred using the NEFT system.

To promote digital transactions, the Reserve Bank of India (RBI) has extended the transaction time by one hour with the Real Time Gross Settlement System (RTGS). Now customers will be able to transact through RTGS from 7 am on August 26 instead of 8 am. The central bank said on Wednesday, "To increase the availability of the RTGS system, it has been decided to extend the operating time of the RTGS."

RTGS i.e. real time gross settlement is the system through which money transfer work is done immediately in real time. This allows funds to be transferred to individual account holders or customers in a group. This system is mainly used for large amount of transactions. Through this, a minimum transaction of Rs 2,00,000 can be done, while there is no limit on the maximum amount for the transaction.

Apart from RTGS, another popular medium of money transaction is also National Electronic Fund Transfer (NEFT). Its most important thing is that, there is no limit of minimum and maximum rupees. The drawback of this is that in this, fund transfer takes place at a specified time. NEFT is a retail payment system. It is available to customers from 8 am to 7 pm. This facility is not available on bank holidays and second and fourth Saturdays of the month. Funds up to Rs 2 lakh can be transferred using the NEFT system.

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