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What is RTGS? RTGS Full Form & Meaning
RTGS, or Real-Time Gross Settlement, is a payment system facilitating instantaneous and secure fund transfers between bank accounts. This method is favoured for high-value transactions due to its real-time processing and individual transaction handling, as opposed to batch processing. RTGS can also be utilised for debit and credit card payments, which are accessible through online banking or by visiting a bank branch. The process involves direct and immediate funds transfer, ensuring timely and efficient transactions.
While RTGS offers convenience, it may entail certain charges, depending on the bank's policies. Despite potential fees, the benefits of RTGS include rapid fund transfers and enhanced security measures.
How RTGS Works?
RTGS operates by facilitating instantaneous and secure fund transfers between bank accounts. When initiating a transfer, the sender provides the recipient's bank account details and the amount to be transferred. The sender's bank debits the specified amount from their account and transmits the transfer instructions to the central RTGS system. The recipient's bank receives the instructions, credits the recipient's account with the transferred amount, and confirms the transaction's completion. This process occurs in real-time, ensuring swift and efficient fund transfers between parties.
What is IMPS? IMPS Full Form & Meaning
IMPS, or Immediate Payment Service, is a banking service for instant money transfers facilitated by the NPCI (National Payment Corporation of India). With IMPS, individuals can send or receive funds instantly and conduct inter-bank transactions using mobile or online banking platforms. One of the key advantages of IMPS is its round-the-clock availability, allowing users to make transactions at any time of day or night. This flexibility makes IMPS a highly convenient and efficient payment service, catering to the needs of individuals and businesses alike. By using IMPS, users can enjoy swift and secure fund transfers, enhancing overall financial accessibility and convenience.
How IMPS Works?
IMPS enables instant money transfers between bank accounts via mobile or online banking platforms. To initiate a transfer, the sender enters the recipient's account details and the amount to be transferred. The sender's bank debits the specified amount from their account and transmits the transfer instructions to the NPCI's IMPS system. The recipient's bank receives the instructions, credits the recipient's account with the transferred amount, and confirms the transaction's completion. This process occurs in real-time, ensuring rapid and secure fund transfers between parties.
How IMPS Facilitate Money Transfers?
Immediate Payment Service (IMPS):
How RTGS Facilitate Money Transfers?
Real-Time Gross Settlement (RTGS):
What is the transaction fee for RTGS?
2,00,000 - 5,00,000
Not exceeding Rs 24.50 (exclusive of tax, if any)
Above 5,00,000
Not exceeding Rs. 49.50 (exclusive of tax, if any)
What is the transaction fee for IMPS?
Up to 10,000
Rs 2.5
Above 10,000 - 1,00,000
Rs 5
Above 1,00,000 - 2,00,000
Rs 15
What details are Required to Carry out an RTGS Transaction?
To carry out an RTGS transaction, certain essential details must be provided to ensure seamless fund transfers.
What details are Required to Carry out an IMPS Transaction?
To initiate an IMPS transaction, specific information must be furnished to facilitate swift and secure money transfers.
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