Can RTGS be done from any branch?

A banking service called Real Time Gross Settlement (RTGS) enables people to instantaneously transfer their money from one bank account to another. However, RTGS transactions depend on whether they are carried out in a home branch or a non-home branch. Coming back to the main question, can we do RTGS from non home branch? As per my experience in SBI till now, I can say that RTGS transactions can only be completed only from home branch. 

Can I do RTGS from non home branch?

The answer is No. To protect the security and validity of the transactions, the restriction on RTGS transactions from non-home branches was implemented. The possibility of fraudulent activity is decreased by limiting RTGS transactions to home branches, where banks can more efficiently track and confirm the transactions. You must go through the advantages of using RTGS from the answer given by Tousif Tamboli above.

How much amount allowed for RTGS transactions in SBI?

Let’s check out the amount limitation for RTGS transactions in SBI below:

It is significant to remember that different banks may have different amount limits for RTGS transactions. I hope your query on whether can RTGS be done from non home branch got resolved.

According to RBI guidelines, there is no limit on the amount that can be sent via RTGS. I have been using this RTGS facility for my business. So from what I know, it can be done from any branch irrespective of the home branch. You must be wondering if can RTGS be done from any branch, let me guide you on that.

Can we do RTGS from any bank?

No. Only a few major banks around the nation have RTGS and NEFT services functioning.

Regardless of the home branch, NEFT/RTGS services are offered at all of the branches. SBI, HDFC, Union Bank of India and Bank of Baroda are some of the banks that allow RTGS facility. So now you know that RTGS can be done from any branch.

What advantages come with RTGS use?

• RTGS has a number of benefits over conventional fund transfer methods.

• It is a safe and trustworthy method of transferring money.

• There is no maximum transaction or transfer amount for RTGS.

• The system is accessible every day, 365 days a year. The beneficiary account receives the payments in real-time.

• You as a sender are not required to send a demand draft or a written cheque.

• When depositing the physical assets, the beneficiary is not required to go to a bank branch.

• The beneficiary need not be concerned about the possibility of illegal payment or the loss or stealing of actual assets.

• If your bank offers it, you can use internet banking to start transfers from their house or work location.

What precautions must be followed when starting an RTGS transaction?

When doing an RTGS funds transfer transaction, the following should be ensured:

• The RTGS system comprises the bank branches at both the destination and the source.

• You should have access to beneficiary information. It includes the recipient's name, account number, type of account, and the name and IFSC of the beneficiary bank branch.

• You should take particular caution when giving the beneficiary's account number. While you process RTGS transactions, the customer's account will only get cash based on the account number supplied in the RTGS transfer command or message.

Your query about whether can RTGS be done from any branch is resolved now.