RBI in its recent circular stated that from December 29th, 2014 onwards the RTGS transfer window will be extended from 0800hrs – 2000hrs on weekdays and on Saturdays the time window will be from 0800hrs – 1530hrs. This attempt mostly benefits mostly the business and interbank transactions who wants to tranfer via RTGS beyond the current existing time window.
Currently, the RTGS time window for customer’s transactions is available to banks from 0900 hours to 1630 hours on weekdays and from 0900 hours to 1400hrs on Saturdays for settlement at the RBI end.
RTGS – Realtime Gross Settlement introduced during Oct 2013 primarily meant for transaction above 2 lakhs and there is no max upper limit currently to transfer huge amounts. And the transaction in RTGS happen in realtime and hence faster than a NEFT transaction.
