Payment Services

Real-Time Gross Settlement (RTGS)

  • The acronym `RTGS` stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting). `Real Time` means the processing of instructions at the time they are received; `Gross Settlement` means that the settlement of funds transfer instructions occurs individually. Our bank, TNGB is one of the participants in this system introduced by RBI. Customers can transfer money from one account to another, between two bank accounts of their own, or from their account to others’ accounts in different banks.
  • Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

RTGS offers many advantages over the other modes of funds transfer:

  • It is a safe and secure system for funds transfer.
  • RTGS transactions / transfers have no maximum amount cap.
  • The system is available on all days.. There is real time transfer of funds to the beneficiary account.
  • The remitter need not use a physical cheque or a demand draft.
  • The beneficiary need not visit a bank branch for depositing the paper instruments.
  • The beneficiary need not be apprehensive about loss / theft of physical instruments or the likelihood of fraudulent encashment thereof.
  • The transaction charges have been capped by RBI.
  • The transaction has legal backing.
  • Credit to Beneficiary’s Account on the same day. (Next day if remittance is done late in the evening).
    • Confirmation of transaction is sent to the remitter by SMS
    • No charges for inward Remittance
    • Money can be put to use by the beneficiary on the same day
The essential details required for remitting funds through RTGS system

The remitting customer has to furnish the following information to a bank for initiating an RTGS remittance:

  • Amount to be remitted
  • The account number to be debited
  • Name of the beneficiary bank and branch
  • The IFSC number of the receiving branch
  • Name of the beneficiary customer
  • Account number of the beneficiary customer
  • Sender to receiver information, if any
Things in which care should be taken while originating an RTGS transactions

The following should be ensured while putting through a funds transfer transaction using RTGS –

  • Originating and destination bank branches are part of the RTGS network.
  • Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter.
  • Extreme care should be exercised in providing the account number of the beneficiary, as, during processing RTGS transactions, the credit will be given to the customer’s account solely based on the account number provided in the RTGS remittance instruction / message.
  • Customers of TNGB can send/receive remittances under RTGS Scheme to/ from any destination Bank/ Branch which is registered with RBI’s RTGS System.
Amount of Remittance
  • Minimum amount ₹2 lakhs.
  • There is no ceiling for maximum amount of remittance/ transaction.
  • 10.00 AM to 04.00 PM on all working days.
Rates & Charges
  • Inward Transactions: No Charges
  • Outward Transactions: Please refer to Service Charges link provided in the Home Page