A rule related to banking is going to change in the country from 1 December 2020. But the thing is not to be alarmed, because customers are going to benefit from the changed rules. In fact, from next month onwards real time gross settlement (RTGS) facility will be available 24 hours and seven days. That is, customers will be able to transact money anytime through 365 days of the year through RTGS.
The Reserve Bank (RBI) decided to make RTGS available 24 hours in the month of October. RBI says that with the introduction of this facility, India will be among the very few countries in the world that have 24x7x365 large value real time payment system. Right now RTGS system is available from 7 am to 6 pm on all working days of the week except the second and fourth Saturday of the month.
How much work does RTGS service
Fund transfer can be done instantly through RTGS. It is used in large transactions. Amounts below Rs 2 lakh cannot be transferred at a time through RTGS. At the same time, the maximum amount is different in different banks. It can be used both online and through bank branches.
Rules have also changed in the case of NEFT
Earlier in December 2019, the rules related to National Electronic Funds Transfer (NEFT) were changed. Since last year, it is also available to customers 24x7x365. There is no minimum limit for funds being transferred through NEFT, while the maximum limit may vary from bank to bank. There is no maximum limit for this in some banks. NEFT can also be used through both online and bank branch channels.