Real Time Grass Settlement System (RTGS) is a very important facility regarding fund transfer but its services will be affected for a few hours on next Sunday, 18 April 2021. The central bank RBI has told all banks that after the closure of business on April 17, 2021, the technical upgrade of RTGS has been scheduled. This means that RTGS users will not be able to use it from 12 pm on Sunday, 18 April 2021. Due to technical upgradation, its services will be interrupted till 2 pm on 18 April. This upgrade will be done to improve the disaster recovery time of the RTGS system and increase flexibility.
On April 18, only RTGS services will be interrupted for a few hours and during this time they will be able to use the NEFT system for banking transactions. The NEFT system will remain operational between 12 pm and 2 pm on 18 April.
RTGS allowed anytime from December 2020
Earlier, RTGS systems were available to customers from 7 am to 6 pm in working days of any week except on the second and fourth Saturdays of the month. However, the rules were changed from December 2020 and RTGS was made available seven days a week and 24 hours a day throughout the year. On the other hand, funds have been made available for transfer at any time from December 2019 through NEFT system.
RBI maintains RTGS-NEFT
We use all RTGS and NEFT for fund transfer and RBI maintains both these systems. According to the information given on the SBI website, you can transfer funds of minimum Rs 2 lakh and maximum of Rs 10 lakh through RTGS. Funds of up to Rs 10 lakh can also be transferred through NEFT but there is no limit for sending the minimum amount of money.
(Article: Sunil Dhawan)