RTGS REAL TIME GROSS SETTLEMENT

RTGS/NEFT/IMPS

1. REAL TIME GROSS SETTLEMENT by AYUSH VERMA SLIDESHARE.NET

2. CONTENTS E-Transfer Systems in INDIA RTGS Why RTGS ? Making RTGS Payments Information Needed for Effective Remittance Working of RTGS Procedure Timings Transaction Amount Limits Processing Charges Reference

3. E-Transfer Systems in INDIA NEFT National Electronic Funds Transfer RTGS Real Time Gross Settlement IMPS Immediate Payment Service

4. RTGS It is a continuous (real-time) settlement of funds transfers individually on an order by order basis   Real Time - processing of instructions at the time they are received payment transaction is not subjected to any waiting period Gross Settlement - settlement of instructions occurs individually transaction is settled on one to one basis without bunching or netting with any other transaction payments are final and irrevocable

5. Why RTGS ? Reduces the cost of exchanging goods and services A RTGS electronic fund transfer facilitates fund transfer on real time basis. In case of a holiday, the amount gets credited on the next working day. RTGS could also be done offline by submission of the remittance form at the bank branch of the remitter. RTGS avoids the cost involved in other instruments of fund transfer such as demand draft.

6. Making RTGS Payments

7. Information needed for Effective Remittance Amount to be remitted Remitting customer’s account number which is to be debited. Name of the beneficiary bank. Name of the beneficiary. Account number of the beneficiary. IFSC code of the destination bank branch

8. WORKING OF RTGS

9. PROCEDURE Activation Internet banking should be activated for conducting transactions through RTGS. Beneficiary The person to whom the payment is to be made needs to be added as a 'beneficiary' and his bank account details provided in order to transfer the funds. These include the name of the beneficiary account holder, account number, bank and branch name, and the IFSC code of the beneficiary bank branch. Processing The bank requires 12-24 hours for authenticating the details of the beneficiary. Transfer Select the type of transfer option (NEFT or RTGS), beneficiary name, amount, and the reason/description of transfer. On submission of the details and the security password, the transfer instruction is processed. The RTGS transfer is carried out on a real-time basis.

10. Timings No Service on Bank Holidays

11. Transaction Amount Limit Minimum : INR 200,000 (for INDIA) Maximum : No Limit maximum amount may vary with respect to banks For example, RTGS maximum Amount Limit in SBI Rs.5 million for small & medium firms Rs.5 billion for large & very large firms

12. Processing Charges Timings Amount (Rs.) Charges (Rs.) 9 a.m. – 12 noon 200,000 – 500,000 25 Above 500,000 50 After 12 noon – 3:30 p.m. 200,000 – 500,000 26 Above 500,000 51 After 3:30 p.m. 200,000 – 500,000 30 Above 500,000 55

13. Reference Reserve Bank of India State Bank of India Industrial Credit and Investment Corporation of India http://en.wikipedia.org/ Casansaar.com JagoInvestor.com

14. THANK YOU! ;-)