RTGS Full Form
The full form of RTGS is Real-Time Gross Settlement. Real-time gross settlement (RTGS) systems are funds transfer systems where the transfer of money takes place from one bank to any other bank on a “real time” and on a “gross” basis. Settlement in “real time” means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. “Gross settlement” means the transaction is settled on one-to-one basis without bundling with any other transaction. “Settlement” means that once processed, payments are final and irrevocable.
Differences between NEFT, IMPS, and RTGS
|Minimum transfer value||Rs.1||Rs.2 lakh||Rs.1|
|Maximum transfer value||Depends on the customer segment||No upper limit||Rs.2 lakh|
|Type of settlement||Batches||One-on-one settlement||One-on-one settlement|
|Speed of settlement||2 hours (subject to cut-off timings and batches)||Immediately||Immediately|
|Service availability||24/7||Depends on the bank||24/7|