- Transfer funds from one bank to another on a "real time" and on "gross" basis
- This happens through the secure network INFINET provided by IDRBT, an initiative of Reserve Bank of India for research in Banking Technology.
- RTGS is the fastest possible money transfer system through the banking channel in India.
- RTGS can effectively replace payment by Demand Drafts, Pay Orders etc.
- Federal Bank is the first Bank in India to offer this facility through 100% of the branches spread across the country
Click here to know about Directory of customer facilitation centres of all banks provided by RBI
How it Works
- "Real time" means that the transfer will happen immediately while "gross" basis means your money transfers will happen all separately, one after the other. In other words, the transactions will not be netted together.
- Considering that the money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable
How to Remit Funds through RTGS
- To remit funds through RTGS all customer needs to know is
- Beneficiary account number
- Beneficiary Name
- IFSC code of the beneficiary bank
- The RTGS system is primarily for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 Lakh. There is no upper ceiling for RTGS transactions.
- Federal Bank is also providing online RTGS facility through Internet Banking - FedNet.
Timings for RTGS
|Day||Through Branch||Through FedNet|
|Monday to Saturday||During business hours||8 a.m to 4.30 p.m|
RTGS will not be available on second and fourth Saturdays of the month.