Is RTGS available on Sunday?

I prefer the RTGS procedure to accept my payments from all over the world. It can assist in lowering the risks related to high-value money transfer settlements between financial institutions or banking companies. Initially, I had a query and I wondered if one can use RTGS on Sunday or not.

Can we do RTGS on Sunday?

RTGS is accessible twenty-four hours a day, 7 days a week starting December 2020. The Reserve Bank of India (RBI) had stated in its statement on Development and Regulatory Policies. Earlier, transfers could only be made between 7:00 a.m. and 6:00 p.m. during all work hours. But it was with the exception of Sundays and the second and fourth Saturdays of each month. In 2019, the RBI decided to make the NEFT service available around the clock, every day of the week. In addition to being accessible around the clock, the RTGS has a number of benefits over traditional methods of money transfer. You can send any amount of money using this more dependable, secure method. Now you know is RTGS available on Sunday.

What are the service charges for RTGS?

The RTGS transaction processing fees have been discontinued by the Reserve Bank of India (RBI). Here are the general guidelines that banks have enforced for RTGS service. Regarding incoming transactions, no fees are charged. From 2,00,000 to Rs. 5,00,000 in outgoing transactions, it must not exceed Rs. 24.50 (exclusive of tax, if any). No more than Rs 49.50 for amounts over Rs 5,00,000 (without tax, if there is any).

What information is needed for RTGS?

If you want to complete a transaction using RTGS, the following information is necessary:

• The beneficiary's name

• Details of the beneficiary's account

• Bank name of the beneficiary

• Name of the bank's main branch

• The beneficiary account's ISF Code or IFSC

• The required amount that must be transferred

Why is Real-Time Gross Settlement Important (RTGS)?

The Central Bank of India makes use of RTGS to lessen the risk associated with any high-cost payments. Risks will exist, despite the fact that financial firms and banks have very high-security procedures to safeguard the data of their customers. Because all payments are cleared right away, the RTGS method has given clients a lot of assurance for conducting safe transactions.

Now you know you can make RTGS on Sunday as well.