Reserve Bank of India has introduced some sweeping changes to the RTGS or Real-time gross settlement transactions. A premium fee of Rs 5 has been introduced, even as the time period for RTGS has been extended.
RTGS Fees Revised, Time Extended :-
As per a press release by RBI, it has been informed that the RTGS time period has now been extended from 4.30 PM to 6 PM.
Besides, the Inter-bank transactions (Final Cut-off) timing has been extended to 7.45 PM.
RTGS time window will start as usual from 8 AM, and end at 8 PM.
Besides this, RBI has revised the charges under RTGS transactions, for the customers, and the bifurcation of the charges are based on the time, not the amount.
From 8 AM to 11 AM, there shall be no charges at all.
From 11 AM to 1 PM, there will be a charge of Rs 2 per transaction.
From 1 PM to 6 PM, there will be a charge of Rs 5 per transaction.
After 6 PM, Rs 10 shall be charged for each transaction.
1 PM to 6 PM slot is the busiest one for businesses, and maybe this is the reason RBI as decided to levy a charge of Rs 5, per RTGS transaction.
RTGS transactions are done for big amounts, and used for money transfer between banks, in real time.
You can find the RBI notification right here.
