Mumbai, October 9: At RBI Monetary Policy today, RBI announced that RTGS system of fund transfer will be made available 24x7 system from December 2020. As of now, RTGS is not a 24x7 system. The RTGS service window for customer transactions is available to banks from 7 am to 6 pm on a working day, for settlement at the RBI end. However, the timings that the banks follow may vary from bank to bank. RTGS System of Fund Transfer to be Available 24X7 From December 2020, Says RBI.
Here is the difference between RTGS, IMPS and NEFT:
RTGS: The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2,00,000 with no upper or maximum ceiling.
National Electronic Funds Transfer: NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.
IMPS: IMPS is another real-time payment service, but the distinguishing factor is that IMPS is available 24⁄7 and you can avail the service even on bank holidays. Using IMPS, you can transfer comparatively lower amounts, up to Rs 2 lakhs, instantly.