Got more questions?
Locate the nearest branch for best assessment
Locate BranchesTo access the old website
Click Here
Real-time Gross Settlement (RTGS)
RTGS, short for Real Time Gross Settlement, is an innovative bank payment system that enables real-time transfers. You can send and receive money with no more waiting and hassle and get on with your day without any worries. In a world where time is money, RTGS is a game-changer, offering a fast, reliable, and secure payment solution to individuals and businesses alike.
Features and Benefits
Large transactions
Make high-value transactions of ₹2 lakhs or more in a flash with RTGS and enjoy real-time, reliable and stress-free money transfers.
Unmatched convenience
Need to make a transfer at 3 am? Flexible RTGS transaction times provide uninterrupted and secure banking services with its 24X7X365 availability.
Wide reach
Send money to anyone, anywhere! With RTGS, you can transfer funds seamlessly to friends, family, or businesses, regardless of their location.
Fees and Charges
As per the guidelines of the Reserve Bank of India, online RTGS transfer transactions are free of charge, allowing you to initiate RTGS transfers online without any extra costs. This makes large fund transfers even more convenient and cost-effective, saving you time and money.
Note: RTGS transactions done at a branch may entail a nominal fee.
Availability
RTGS is available 24x7x365 with effect from December 14, 2020 subject to below mentioned limits on Transaction amount and timings. However, transactions initiated between 11:30 PM to 01:00 AM will be settled at 02:00 AM due to End of Day and Start of Day Process.
| Channel | Day | Timings | Transaction Limits |
|---|---|---|---|
| Corporate Internet Banking / Retail Internet banking/ Mobile Banking | On Working Day | 7AM to 7PM | No Limit on transaction amount and transaction gets processed in real time. Customer can initiate payments as per the amount limit set to the account. |
| On Working Day | 7PM to 7AM (Next Day) | Up to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour) | |
| On 2nd & 4th Saturdays, Sundays and Bank holidays – Entire day | Round the clock | Up to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour) |
Frequently Asked Questions
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.
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.
Considering that the funds settlement takes place in the books of the Reserve Bank of India (RBI), the payments are final and irrevocable.
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.
- Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter / originator.
The credit is given to the account number written / given by remitter in his / her application / instruction. Credit to beneficiary account is released solely based on account number. It is the responsibility of remitting customer to write correct account number. The originator / sender should exercise due care in providing the correct account number of the beneficiary, in the RTGS remittance instruction / application.
Transactions in RTGS happen in real time and it is not possible to match name and account number before affording credit to the beneficiary. Since name in the Indian context is spelt differently and would not really match with that available with the beneficiary bank, the process of affording credit solely based on the account number of the beneficiary has been enabled.
The FAQs on “Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems” on the RBI website at https://www.rbi.org.in/Scripts/FAQView.aspx?Id=140 can be referred to.
RTGS is versatile when it comes to transactions. Whether you are making a big purchase, transferring money to someone, or needing to send cash online for a business deal, RTGS makes it easy.
This electronic payment also enables interbank transactions with quick RTGS payment, allowing you to transfer funds to accounts held in other banks that are part of the RTGS network with immediate settlement.
With RTGS, you can perform a variety of electronic payments, such as:
- Paying your college fees
- Making salary payments to your employees
- Investing in investment instruments
- Paying for a business acquisition or merger
- Sending money to family members or friends in other cities
All single payment transactions of ₹50 crore and above undertaken by entities (non-individuals) should include remitter and beneficiary LEI information. Governments or their departments / ministries and individual accounts are exempted from this requirement.
RTGS is available 24x7x365 with effect from December 14, 2020 subject to below mentioned limits on Transaction amount and timings. However, transactions initiated between 11:30 PM to 01:00 AM will be settled at 02:00 AM due to End of Day and Start of Day Process.
| Channel | Day | Timings | Transaction Limits |
|---|---|---|---|
| Corporate Internet Banking / Retail Internet banking/ Mobile Banking | On Working Days | 7AM to 7PM | No Limit on transaction amount and transaction gets processed in real time. Customer can initiate payments as per the amount limit set to the account. |
| On Working Days | 7PM to 7AM (Next Day) | Up to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour) | |
| On 2nd & 4th Saturdays, Sundays and Bank holidays – Entire day | Round the clock | Up to Rs.1 crore per transaction (Funds above Rs. 1 Crore will get processed on next banking day/hour) |
The customer can contact his / her branch if there is an issue of delay / non-credit to the beneficiary account.
The details of Customer Facilitation Centre of member banks are also available on the website of RBI at https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2070. Axis Bank CFC contact number. 022-71315766, Email ID: cfc@axisbank.com.
Related Products
Credit Card on UPI (Axis Bank RuPay Credit Card on UPI)
Link Credit Cards to UPI app for a safe and secure digital payment method
Learning Hub
Look through our knowledge section for helpful blogs and articles.
Copyright@ 2025 Axis Bank