RTGS Charges: Check Out RTGS Transfer Charges

RTGS stands for Real Time Gross Settlement, one of the crucial banking systems used to transfer funds across different bank accounts. RTGS business transactions need to be undertaken with extreme diligence. RTGS is unique because, unlike other modes, it permits the real-time settlement of transactions and other modes of payments process them in batches.

So, if you wish to settle your transactions in real time, ensuring utmost security in the process, you need to learn about the charges associated with RTGS. Read this blog until the end to know more about the RTGS charges.

RTGS Charges 2024

According to the latest guidelines mandated by the Reserve Bank of India (RBI), all online RTGS transactions made through mobile banking and net banking services are exempt from charges or processing fees.

Nevertheless, certain charges are levied on RTGS transactions made through offline modes. These charges may vary depending on the respective bank and the transaction amount, generally ranging from Rs. 25 to Rs. 50.

Apart from these, GST or Goods and Services Tax applies to the transferred amount. Also, it is essential to note that the Reserve Bank of India mandates the RTGS charges every year, and hence no bank can charge RTGS fees more than that.

What Are the Applicable Fees for RTGS Transactions?

Please note that there are no applicable fees or charges for RTGS transactions made online.

However, if you opt for offline modes to settle RTGS transactions, you will be levied a few RTGS charges based on the transferred amount and the bank account from which the transfer is conducted.

RTGS charges 2024 typically vary depending on the transaction amount. For transactions below Rs. 2,00,000, there are usually no charges. Transactions between Rs. 2,00,000 and Rs. 5,00,000 typically incur a charge of Rs. 24.50 plus applicable GST. For transactions exceeding Rs. 5,00,000 but less than Rs. 10,00,000, the charge is generally Rs. 49.50 plus applicable GST. 

It's important to note that these are general guidelines, and banks may have additional charges based on their specific terms and conditions. It's always advisable to inquire about the exact charges with your bank before initiating an RTGS transaction.

Why Choose RTGS for High-Value Fund Transfers?

Many reasons make RTGS an ideal option to go for whenever you wish to conduct a high-value fund transfer. Go through the following points to learn about the reasons:

• RTGS ensures the settlement of fund transfers in real time. Whatever transactions you make are processed instantly, and the funds are settled in the recipient's account within 2 hours. 
• It is suitable for time-critical transactions such as emergency payments or real estate deals.
• RTGS features enhanced security while settling transactions, making it a safe option when transferring large sums of money. 
• These are electronically guided through a settlement process on a gross basis, i.e., with respect to one single transaction without netting off against other transactions.
• One of the main reasons for preferring RTGS transactions is that the Reserve Bank of India supervises and controls them. 
• Hence, all RTGS transactions will be regulated by the Central Bank, which shall ensure a proper fund transfer. 
• There are therefore negligible chances of unauthorized access to funds. 

Tips for Cost-Effective RTGS Transactions

Opting for RTGS transactions is always wise whenever conducting fund transfers of high value. However, you can refer to the following points to learn about the effective tips for minimising RTGS fund transfer charges:

• Opt for Online Transfers: According to the new guidelines mandated by the Reserve Bank of India, RTGS transactions made through online modes are exempt from charges. Thus, if you wish to make your fund transfer cost-effective, the ideal option is to send money online.
• Implement Constructive Comparison of Fees: It is important to remember that RTGS charges are not the same for every bank. They vary from bank to bank and tend to differ based on the amount to be transferred and the bank from which you initiate the transaction process. Thus, it is wise to go through the official websites of different banks and ensure they offer RTGS charges. 
• Check the Offered Discounts: In some cases, various financial institutions offer discounts or waived charges for higher transaction amounts. Customers can combine multiple transactions into a single one and take advantage of such discounts.
• Look for Preferred Banking Solutions: Some banks offer preferential pricing on their bundled banking solutions, thus helpful for reducing the charges of RTGS transactions. In some cases, availing these benefits can also let you process RTGS transactions free of cost.

RTGS Charges For Top Indian Banks

Different banks tend to offer varied RTGS charges, considering factors like the amount transferred and the bank from which you initiate the transaction process. Nevertheless, the following is a breakdown of the RTGS charges featured at some of the most reputed banks in the country.

SBI RTGS Charges​

No fees is charged by the State Bank of India (SBI) for online RTGS transactions. However, the bank charges fees whenever customers opt for RTGS fund transfer through offline mode, which include the following:

• Rs. 20 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 45 + GST for transactions more than Rs. 5 lakh.

RTGS Charges HDFC

Regardless of the amount to be transferred, HDFC Bank does not levy any RTGS charges when transactions are made online. However, a flat fee of Rs. 15 + GST is charged for branch-based RTGS.

RTGS Charges ICICI

Customers can opt for RTGS transactions online without any charges. However, in the case of branch-based transactions, the charges include the following:

• Rs. 20 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 45 + GST for transactions more than Rs. 5 lakh.

PNB RTGS Charges​

PNB or Punjab National Bank also feature free RTGS transactions if done through online modes. However, the charges for offline transactions include the following:

• Rs. 24.50 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 49.50 + GST for transactions more than Rs. 5 lakh.

Bank of Baroda RTGS Charges

​Like most financial institutions, Bank of Baroda does not charge any RTGS fees for fund transfers made online. However, the bank levies charges when transactions are made through offline modes, depending on the transferred amount and time of the day.

Thus, the RTGS charges for transactions through offline modes include the following:

• Rs. 25 + GST for transactions from Rs. 2 lakh to Rs. 5 lakh made between 8 AM and 11 AM. Rs. 27 for transactions made between 11 AM to 1 PM. Rs. 30 for transactions made after 1 PM.
• Rs. 55 + GST for transactions more than Rs. 5 lakh made between 9 AM and 12 PM; Rs. 56 for transactions made from 12 PM to 3:30 PM; Rs. 61 for transactions made after 3:30 PM.

Canara Bank RTGS Charges

Canara Bank does not charge any RTGS fee for transactions made through online procedures. However, based on the amount to be transferred, the bank levies RTGS charges as the following:

• ​Rs. 24.50 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 49.50 + GST for transactions more than Rs. 5 lakh.

Axis Bank RTGS Charges​

Customers of Axis Bank are not charged any RTGS fees if they request fund transfers through the offered online methods. Nevertheless, the charges for the branch-based transactions are as follows:

• ​Rs. 25 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 50 + GST for transactions more than Rs. 5 lakh.

Indian Bank RTGS Charges​

If you opt for online RTGS transactions, Indian Bank shall not charge you any fees. However, if you wish to go for a fund transfer through offline modes, the charges will be the following:

• ​Rs. 25 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 50 + GST for transactions more than Rs. 5 lakh.

Union Bank RTGS Charges

​The RTGS charges for fund transfers are only applicable when transactions are made through offline modes in Union Bank. All fund transfers using online methods can be processed and settled free of cost.

However, the RTGS transaction charges for offline modes are based on the amount to be transferred and the time of the day, which include the following:

• Rs. 25 + GST for transactions from Rs. 2 lakh to Rs. 5 lakh made between 8 AM and 11 AM. Rs. 27 for transactions made between 11 AM to 1 PM. Rs. 30 for transactions made after 1 PM.
• Rs. 50 + GST for transactions more than Rs. 5 lakh when it is made between 8 AM and 11 AM. Rs. 52 for transactions made from 11 AM to 1 PM. Rs. 55 for transactions made after 1 PM.

BOI RTGS Charges​

Customers can opt for online fund transfer methods, for which Bank of India does not levy any RTGS charges. The bank, however features charges for transactions made through offline modes, which include the following:

• ​Rs. 25 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 49 + GST for transactions more than Rs. 5 lakh.

IOB RTGS Charges​

The RTGS transaction from Indian Overseas Bank (IOB) through online methods comes free of cost. Thus, the following points showcase the RTGS charges which are levied when transactions are made through offline modes:

• Rs. 1.50 per transaction, excluding GST for transactions up to Rs. 10,000.
• Rs. 4 per transaction, excluding GST for transactions over Rs. 10,000 up to Rs. 1 lakh.
• Rs. 14 per transaction, excluding GST for transactions more than Rs. 1 lakh up to Rs. 2 lakh.
• Rs. 24 per transaction, including GST for transactions of more than Rs. 2 lakh up to Rs. 5 lakh.
• Rs. 49 per transaction, including GST for transactions of more than Rs. 5 lakh.

UCO Bank RTGS Charges

​UCO Bank levies zero RTGS charges for online fund transfers. However, charges for RTGS transactions through offline methods from UCO Bank include the following:

• ​Rs. 24.50 + GST for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Rs. 49.50 + GST for transactions more than Rs. 5 lakh.

Bank of Maharashtra RTGS Charges

​Bank of Maharashtra levies RTGS charges based on certain factors like the amount to be transferred, time of the day and the mode of transaction. Thus, the charges include the following:

• Rs. 25 for transactions from Rs. 2 lakh to Rs. 5 lakh made between 8 AM to 11 AM through offline mode and Rs. 5 for online methods. Rs. 27 for transactions made between 11 AM to 1 PM through offline mode and Rs. 5 for online methods. Rs. 30 for transactions made after 1 PM through offline mode and Rs. 5 for online methods.
• Rs. 50 for transactions more than Rs. 5 lakh when it is made between 8 AM to 11 AM through offline mode and Rs. 5 for online methods. Rs. 52 for transactions made from 11 AM to 1 PM through offline mode and Rs. 10 for online methods. Rs. 55 for transactions made after 1 PM through offline mode and Rs. 10 for online methods.

IDBI RTGS Charges

​IDBI or Industrial Development Bank of India does not feature any RTGS charges for inward transactions or fund transfers online. However, for branch-based transactions, the RTGS charges of IDBI Bank include the following:

• Not exceeding ​Rs. 30 for transactions between Rs. 2 lakh to Rs. 5 lakh.
• Not exceeding Rs. 55 for transactions more than Rs. 5 lakh.

To sum up, opting for RTGS transactions is one of the ideal ways to ensure safe and secure fund transfers. This is true in the case of transferring high-value funds across different banks. Therefore, if you wish to apply for RTGS transactions, you must be aware of the applicable RTGS charges well in advance to have an informed approach towards the same.

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