How to do an RTGS transfer?

How to do RTGS is a common query among bank customers looking to transfer large sums of money securely. RTGS (Real-Time Gross Settlement) is a secure and reliable electronic payment system that enables the instant transfer of funds from one bank account to another.

Whether you're making a personal or business payment, understanding how to do RTGS online or at a bank branch can help ensure your transaction is smooth, accurate, and efficient. Keep reading to know how RTGS works online or by visiting a bank branch.

What are the details required for an RTGS transaction?

Before initiating an RTGS transfer, it is essential to have complete and accurate information to ensure a successful transaction.

The key details required include the beneficiary’s full name, bank account number, bank name, branch address, and the IFSC code of the beneficiary’s branch. You will also need to mention the amount to be transferred and provide your account number as the emitter.

Banks may also request your contact details for transaction alerts or verification purposes. It is crucial to double-check all entries, especially the account number and IFSC, as even minor errors can lead to failed or misdirected transfers.

Steps to transfer funds via RTGS

Understanding how RTGS works begins with knowing the overall process involved in transferring funds through this high-value payment system. Whether you choose to initiate the transaction online or at a bank branch, the core steps are:

• Gather all required details: beneficiary name, account number, IFSC code, and amount.
• Select your preferred method of transfer – online banking or a visit to a physical bank.
• Initiate the RTGS request using the selected method.
• Authorise the transaction through OTP, password, or cheque submission.
• Receive a transaction reference number for tracking purposes.

RTGS transfers are processed in real time during banking hours, ensuring quick settlement between banks.

How to do RTGS online?

Knowing how to do RTGS online is essential for customers who prefer quick, paperless fund transfers. Here's a step-by-step guide to initiating an RTGS transaction through the internet or mobile banking:

• Log in to your bank's internet banking using your customer ID and password
• Navigate to the 'Fund Transfer' or 'Payments' section and select RTGS as your transfer mode
• Add a new beneficiary if not already registered by providing:
• Beneficiary’s name
• Bank account number
• Bank name and branch
• IFSC code
• Wait for beneficiary activation, which may take 30 minutes to a few hours, depending on the bank’s policy
• Select the approved beneficiary from your list once active
• Enter the transfer amount and any relevant remarks
• Authenticate the transaction using the OTP sent to your registered mobile number or a transaction password
• Submit the request and note the transaction reference number for tracking

Online RTGS is ideal for high-value transactions and is typically available on weekdays during business hours, generally from 7 AM to 6 PM. It eliminates the need to visit a branch and offers secure, real-time processing.

How to do RTGS from a bank?

If you prefer in-person banking, here's how to do RTGS from a bank by visiting your nearest branch:

• Visit your bank branch and request an RTGS application form from the counter or help desk.
• Fill in your details (remitter) and beneficiary details, such as:
• Beneficiary’s name
• Account number
• Bank name and IFSC code
• Transfer amount
• Attach a cheque drawn from your account for the transfer amount.
• Submit the completed form and cheque to the bank representative.
• Verify details and collect the acknowledgement slip with the transaction reference number.

The bank processes the RTGS transaction in real time, ensuring the funds reach the beneficiary’s account within minutes, provided all inputs are accurate and the request is made within operating hours.

How to fill out the RTGS form?

Ensure the handwriting is legible and all details are accurate to avoid any issues.

• Enter the remitter’s name and account number.
• Provide the beneficiary’s name, account number, bank name, branch, and IFSC code.
• Mention the amount to be transferred.
• Write the date of the transaction.
• Attach a cheque for the amount being transferred, drawn from your account.
• Sign the form wherever required by the bank.
• Submit the completed form and cheque at the counter for processing.

Points to consider when completing the RTGS transfer form

These details help ensure the RTGS request is processed efficiently and without complications.

• Use the latest version of the RTGS form, as outdated formats may not be accepted.
• Mention the correct purpose of the transfer, especially for business or regulatory reporting.
• Avoid submitting forms close to cut-off times (typically 4:30 PM–5:00 PM), as processing may be delayed to the next working day.
• Write the amount in both figures and words clearly and without ambiguity.
• Include your customer ID or CIF number if requested by the bank for internal processing.
• Ensure your signature matches bank records to avoid rejection.
• Retain a photocopy of the completed form and the cheque for your records.
• Ask for a stamped acknowledgement copy from the bank as proof of submission.

Also Read: NEFT, RTGS or IMPS: Find your perfect match

Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.