In this era of digitisation, transferring money from one account to another account has become a piece of cake. Online mode of payment has become the first option for customers nowadays as no one wants to physically visit a bank branch to transfer money, as it saves time and money. Users can choose any one of the various modes of payment depending upon the amount to be transferred, the time duration in which it should be credited to the receiver’s bank account, etc. NEFT and RTGS are two of the many methods of fund transfer available to users. Both of these methods have their advantages and disadvantages, and user can decide which to choose depending on their requirements.
Real-Time Gross Settlement (RTGS) is an electronic method of transferring funds where the funds get transferred in real-time. To initiate the transfer, you must have the IFSC code of the beneficiary’s bank, along with their name, their bank’s name, and account number. You can individually transfer funds using RTGS with an Internet banking account. This is a secure system for funds transfer, and it is available on all days on a 24x7x365 basis.
- The funds transfer transactions are processed individually based on an order.
- Customers can transfer their funds instantly from one bank to the other within India.
- It is used for high-value transactions only.
- The minimum limit in the case of RTGS transactions is INR 2 lakhs, but there is no maximum capping.
Features of RTGS
The following are a few of the features of RTGS transactions.
- Every RTGS is processed individually.
- Funds get transferred immediately to the beneficiary’s bank.
- It is available 24*7, even on weekends and bank holidays.
- It is designed for high-value transactions and has a minimum transfer limit of INR 2 lakhs.
- They can be initiated either online or offline.
- It requires a few details like the beneficiary’s name, bank account number, branch, and IFSC.
- It is reliable, safe, and encrypted to give maximum security.
Charges for RTGS
Mentioned below are the SBI RTGS Charges:
| Transaction Amount | SBI RTGS Charges |
| INR 2 lakhs – INR 5 lakhs | INR 20 + GST |
| More than INR 5 lakhs | INR 40 + GST |
Limit for RTGS
| Minimum / Maximum amount for RTGS transactions under Retail Internet Banking | ||
| Type | Minimum | Maximum |
| RTGS | INR 2 Lakhs | INR 10 Lakhs |
| Minimum / Maximum amount for RTGS transactions under Corporate Internet Banking | |||
| Type | Minimum | Maximum (per transaction) | Maximum (per day) |
| RTGS | INR 2 Lakhs | Saral – INR 10 Lakhs Vyapaar – INR 50 Lakhs Vistaar – INR 2000 Crores | Saral – INR 10 Lakhs Vyapaar – No Limit Vistaar – No Limit |
SBI Bank Timings for RTGS
Mentioned below are the SBI Timings.
| Days | Time Slot |
| Monday – Saturday | 8.00 am to 4.30 pm |
| RTGS services not available on 2nd and 4th Saturday | |
Different Ways to Make SBI RTGS
- Online Mode:
Step 1: Log into the SBI internet banking account with the help of a username and password.
Step 2: Click on the tab “Payment Transfer”.
Step 3: Choose the type of funds transfer, i.e. “Within SBI” or “Outside SBI”.
Step 4: For funds transfer outside SBI, Click on “Funds Transfer” and then on “RTGS”.
Step 5: Click on “Add Beneficiary” if not done earlier.
Step 6: Provide the beneficiary’s information like name, IFSC Code, bank Account Number, etc.
Step 7: Click on “Confirm” or “Add”.
Step 8: Provide the OTP received on the registered mobile number to authenticate.
Step 9: The beneficiary would then be added within the next 24 hours.
Step 10: From the list of beneficiaries, choose the beneficiary to whom the funds are to be transferred.
Step 11: Enter the amount and click on confirm.
- Offline Mode:
Step 1: Visit the nearest RTGS-enabled bank.
Step 2: Fill out the RTGS Fund Transfer form
Step 3: Enter the correct details as asked for.
Step 4: Make a cheque with the RTGS transaction amount and attach it along with the form.
Step 5: After verification, submit the form to the concerned bank representative.
Step 6: Once the request is completed, the amount will then be debited from the bank account and will be transferred to the beneficiary’s bank account.
Details to be filled in the Funds Transfer Form
Let us knowHow to Fill RTGS Form SBI along with the details that are required:
- The amount that is to be transferred
- Name and code of SBI Branch
- RTGS charges
- Name of the Account holder and contact details
- Particulars of Beneficiary like name, bank, branch address, account type, account number, IFSC code, and mobile number
- Enter the mode of payment, i.e. through cheque, cash, or auto-debit from the bank account with relevant particulars.
Advantages of RTGS
Mentioned below are the advantages of making SBI RTGS Funds Transfer:
- It is considered quite a safe and secure system to transfer funds.
- There is no maximum limit on RTGS transactions.
- This service is available round the clock, i.e. 24×7 and 365 days.
- The funds are transferred to the beneficiary in real-time, i.e. as and when received basis.
- There is no need to use a DD or a cheque at the time of RTGS processing.
- As RTGS can be done online, there is no need to visit the bank to make a fund transfer.
- Though the RTGS charges are capped by RBI, they may vary from bank to bank.
Guidelines for making a SBI RTGS
Mentioned below are some guidelines that should be followed while making SBI RTGS:
- The bank should follow the RBI guidelines concerning RTGS transactions.
- The amount will be paid to the bank account number mentioned in the RTGS Form.
- All the applicable charges and taxes on RTGS would be deducted from the remitter’s bank account.
- If the information provided on the RTGS Form is incorrect, then the bank will not be held liable for the consequences that are to be faced due to erroneous information being provided.
- The remitter must tick RTGS in case a combined NEFT and RTGS Form is received; otherwise, it will be self-decided by the bank. The bank will do NEFT in case the funds transfer is less than INR 2 lakhs and TGS in case the amount to be transferred is more than INR 2 lakhs.
- The RTGS Form must be read first before making the transfer of funds.
