What is the procedure of money transfer through RTGS?
The facility for making third-party payment using Internet banking should be activated for conducting RTGS transactions. The RTGS transfer of fund can also be carried out by submitting the remittance form at the remitter's bank branch.
The person to whom the payment is to be made needs to be added as a 'beneficiary' and his bank account details. These include the name of the beneficiary account holder, account number, bank and branch name, and the IFSC code of the crediting bank branch.
Processing: The bank requires 12-24 hours for authenticating the details of the receiver. After this is done, sum is transferred to the specified account.
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 instruction is processed.
Under normal circumstances the receiving branches are expected to receive the funds in real time as soon as funds are transmitted by the remitting bank. After that within two hours of receiving the message the bank has to credit the beneficiary’s account.
The sending bank gets a message from the Reserve Bank that the amount has been credited to the receiving bank. Based on this the remitting bank sends an acknowledgement to the remitting customer that money is delivered. In case the money is not credited on the beneficiary’s account, the crediting bank would have to return the money to the debiting bank within 2 hours. Once the amount is returned, the original debit entry in the customer's account is reversed.