What is an RTGS money transfer?

Hello,

I hope you are doing well. I would love to answer your question.

The term ‘RTGS’ basically stands for Real-Time Gross Settlement. It is a form of money transfer wherein one can transfer large amounts of money from one bank to another within a few minutes. Remember that the minimum amount that can be transferred through RTGS is Rs.2 lacs and the transfer will be considered successful only if the beneficiary’s bank also participates in the RTGS system.

Most banks have RTGS available 24/7, except for an hour or two which is regarded as the cut-off time. There are various banks that offer RTGS money transfer facilities, but the RTGS money transfer app that I use offers a lot of benefits. They are as follows:

1. It is convenient to use

I prefer RTGS money transfers via my app because it is quite convenient. There is no need to go to the branch or enter credentials into a website repeatedly. The transaction gets done quickly without any hassle.

2. It is secure

I would advise that don’t use random apps or websites as that can lead to your private information getting misused. I trust my official banking app which is provided by my bank which I know assures safe and secure transactions.

3. It gets done quickly within minutes

When you go on the banking app and click on the ‘transfer funds’ tab, you will come across several options for money transfer. Just choose RTGS, enter the details required and you are good to go.