For customer transactions, RBI extends RTGS timings from 4:30 pm to 6 pm

On Tuesday, The Reserve Bank of India (RBI) has announced the extended timings for customer transactions through Real Time Gross Settlement (RTGS) system.

RBI said in a notification that it has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.

For RTGS customer transaction, the extended window will be applicable from June 1.

Real Time Gross Settlement (RTGS) is an online fund transfer system. It is supported by the RBI, which enables money transaction on a real-time basis. The minimum amount for the transaction under the RTGS system is Rs 2 lakh and there is no upper limit for this transaction.

In RTGS, No fee is charged for transfers between 8 am to 11 am, banks charge Rs 2 for a transaction made between 11 am to 1 pm and Rs 5 for transfers between 1 pm to 6 pm period. After 6 pm, customers will be charged Rs 10 per outward transaction.