RTGS
1) Funds transfer mechanism
2) Real time-no waiting period
3) Gross settlement-one to one basis
4) ‘electronic payment system’-controlled by the central bank
RTGS in India
1) Service charges vary from bank to bank
2) No processing charges till March 2009
3) Must have core banking
4) Minimum value of transaction-Rs. 1,00,000
5) No upper ceiling
6) More than 44,000 bank branches
Required Information
1) Amount to be remitted
2) His account number which is to be debited
3) Name of the beneficiary bank
4) Name of the beneficiary customer
5) Account number of the beneficiary customer
6) Sender to receiver information, if any
7) The IFSC code of the receiving branch
Advantages
1) Suited for low volume high value transactions
2) Lowers settlement risk
3) Gives an accurate picture
4) Elimination of credit risks
5) In case of non-credit or delay in credit
6) Contact your bank / branch
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