Real Time Gross Settlement (RTGS) is an electronic form of funds transfer where the transmission takes place on a real time basis. Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (Gross Settlement).
A RTGS payment is a special type of payment where the transfer of money takes place from one bank to another within India on a “real time” and “gross” basis.
UTR (Unique Taxpayer Reference) Number is a 10 digit number that is unique to either you or your company and you’ll be presented with one when you register for self-employment. At Future link Group we have a wealth of experience and knowledge in providing contractor solutions.
IFSC stands for Indian Financial System Code. This is an 11 digit alpha-numeric code used to uniquely identify all bank branches within the National Electronic Funds Transfer) network by the RBI.
Minimum amount of transfer required for RTGS is Rs. 2 lakh. There is no upper limit, though. The beneficiary bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message. RTGS transaction timings for
Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch.
For affecting an RTGS remittance the remitter has to furnish the following information: