Fednet RTGS Transactions
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
2 . How much time will it
take for a RTGS transaction?
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
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
Ans: Amount to be
number which is to be
Name of the beneficiary
Account number of the
. If a RTGS transaction is not credited to
a beneficiary account, will I get back the money?
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?
Ans: No. It is applicable only within the country.
7 . What
to do if a customer does not know the IFSC Code?
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.
. Will I be able to stop
a RTGS payment as in the case of a stop payment of cheque?
9 . Will I be able to track my transaction?
you can track your payments using the screens, Pending Payments and
I be able to transfer funds to any bank in the country?
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
12 . What
is the difference between RTGS and NEFT?
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?
you can make an NEFT or RTGS transaction to an NRE account provided the
debit account is an NRE account.