RBI has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6:00 pm from 4:30 pm. The new time window for RTGS will come into effect from 01st June 2019.
The customer is charged a ‘time-varying charge’ on each outward transaction in addition to the flat processing charge. The fee for transfers between 8 am to 11 am is nil, from 11 am to 1 pm is Rs 2, and from 1 pm to 6 pm is Rs 5. The fee for transfers made after the initial cut off of 6 pm will be Rs 10. The initial cut off for customer transactions will be 6 pm and the final cut off for inter-bank transactions will be 7:45 pm. The IDL reversal will take place between 7:45 pm and 8 pm.
Important Takeaways for SBI PO/Clerk Mains-
1. The RTGS is an online fund transfer system, supported by the RBI.
2. RTGS enables transmission on a real-time basis.
3. The minimum amount for the transaction to be eligible as an RTGS transfer is Rs 2 lakh.
Source- The Economic Times