Fednet RTGS Transactions FAQ

1 . What is RTGS?

RTGS means Real Time Gross Settlement. This funds transfer system works by transferring money from one bank to another on a "real time" and on "gross" basis. Being the fastest mode of money transfer facility through the banking channel at present, all transactions done via RTGS are settled at once when they are processed.

2 . How much time will it take for a RTGS transaction?

Ans: Usually, the beneficiary bank branches will receive the funds in real time at once the funds are transferred from the remitting bank. The normal time schedule given by RBI to the beneficiary bank is within two hours once the fund transfer message is received. However, the beneficiary will get the amount only when the beneficiary bank credits the amount to his/her account.

3 . Is it necessary that both the beneficiary and the originator of the RTGS transactions should have a bank account?

Ans: RTGS being a fund transfer process, can be processed only with two accounts. So, definitely both parties should have a bank account.

4 . What are the vital informations required for a RTGS transaction?

Ans:    Amount to be remitted
          Account number which is to be debited 
          Name of the beneficiary bank 
          Name of the beneficiary 
          Account number of the beneficiary 
5 . If a RTGS transaction is not credited to a beneficiary account, will I get back the money? 

Ans: Yes. If it is unable to credit the remittance to the account of the beneficiary for any reason, the beneficiaryís bank will return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount will be credited to remitting customerís account by the remitting bank branch

6 . Will it be possible to make foreign remittance through RTGS?

No. It is applicable only within the country.

7 . What to do if a customer does not know the IFSC Code?

Ans: In FEDNET, the customer need not remember the IFSC Code.  We have provided an easy facility to the customer. The IFSC will be automatically populated once the customer selects the remitting bank branch while adding a payee.

8 . Will I be able to stop a RTGS payment as in the case of a stop payment of cheque?

Ans: No.

9 . Will I be able to track my transaction?

Ans: Yes, you can track your payments using the screens, Pending Payments and Payments made.

10. Will I be able to transfer funds to any bank in the country?

Ans: No. Funds can be transferred only to the RTGS enabled branches of Banks.

11 . From where will I get details of the RTGS enabled branches of a bank?

Ans: A list of all the branches of a bank of a particular city that are RTGS enabled will be displayed when you select Get Branch in the 'Make a Payment' screen. And if you want to get the complete details of all the RTGS enabled branches of all the banks in the country, click on www.rbi.org.in/Scripts/Bs_viewRTGS.aspx.

12 . What is the difference between RTGS and NEFT?

Ans: RTGS processing are done on a concurrent basis during the RTGS business hours whereas NEFT settlements are processed in batches i.e., on a Differed Net Settlement (DNS) basis.  In the NEFT a transaction that is done after the assigned point of time will be processed only in the next designated settlement time.

13 . Can I make an NEFT or RTGS transaction to an NRE account?

Ans: Yes you can make an NEFT or RTGS transaction to an NRE account provided the debit account is an NRE account.