Table of Contents
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
| Category | NEFT | RTGS | IMPS |
|---|---|---|---|
| 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 |
| Online/Offline | Both | Both | Online |