RTGS Full Form Name: RTGS Meaning
Full
Form of RTGS :
Real
Time Gross Settlement
RTGS
Full Form is Real Time Gross
Settlement. RTGS is a system which lets individuals and companies to
transfer funds between two banks within a country. It settles funds
individually on order basis. And it is normally used for huge amounts or
high-value transfers.Real Time means the instructions are processed as and when
they are received. There is no waiting period for the instructions to be
executed and transactions to be made. Let us throw some more light on RTGS
Full Form.
What
does “Gross Settlement” mean in the RTGS Full Form?
Gross
Settlement means settlement of funds individually on instruction basis. Here
the transactions are not bundled with other instructions and are settled at the
time of receiving the instructions. The beneficiary bank will normally make the
settlement to the concerned bank account within 30 minutes.
Is
the settlement made through RTGS recoverable?
No.
The payments made through RTGS are final and irrevocable as settlements of
funds are entered in the books of RBI (Reserve Bank of India).
RTGS
Transaction Charges :
If
the amount to be transferred is between 2 and 5 lakh, the service charge is
Rs.25 (with additional service tax). If the amount to be transferred is above 5
lakh, the service or transaction charge is Rs.50 (with additional service tax)
Minimum
amount of remittance in RTGS System :
RTGS
system is typically used for huge amounts. The minimum amount that can be
remitted using RTGS System is 2 lakh.
Maximum
amount of remittance in RTGS System :
There is no upper limit/ceiling for
the amount to be remitted using RTGS System.
Operating
Hours/Transaction Time Frame for RTGS:
The
operating hours /transaction time frame for the RTGS is between 8.00 hrs and
16.30 hrs (Monday to Friday + 2nd Saturday and 4th
Saturday). However, the actual operating hours may vary according to the
working hours of the bank branch.
Information
required to make a payment using RTGS System :
You should furnish the following
information to make a payment using RTGS System.
- Name of the beneficiary and his/her Account Number
- Name of the bank in which the beneficiary has his/her
account
- IFSC Code of the bank branch (in which the beneficiary
has his/her account)
- Amount to be remitted
Advantages
of using RTGS System :
Since
the settlement takes place as and when the transactions take place throughout
the day (and not at the end of the day), RTGS is considered to be the fastest
and safest mode of fund transfer. RTGS system is normally operated by the
central bank of a country, as it is one of the most critical infrastructures of
the economy. Due to its growing importance, World Bank has been offering huge
support to the RTGS system of more than 100 countries. The entire system has
been designed based on International standards with best practices being
implemented.
RTGS
Full Form: Royal Thai General System of Transcription
Full
Form of RTGS refers to Royal Thai General
System of Transcription. It is a system that renders Thai Language words in
the well-known Latin alphabet. RTGS is published by the national academy of
Thailand which looks after the academic works of the Thailand government known
as “The Royal Society of Thailand”. One of the key features of this system is
that it is identical to the transcription defined by the ISO standard ISO
11940-2. RTGS is widely used in the government publications and road signs in
Thailand.