We often face issues with respect to transfer of funds beyond the bank business hours.
Now, there is some good news to cheers about. Though this news is no more news but I often come across customers who have this issue with respect to transfer of funds.
With effect from December 14, 2020, Reserve Bank of India(RBI) has made the RTGS service 24X7. In it’s press note dated December 04, 2020, RBI has confirmed the same:
Now, you will be able to make the RTGS transfers at any time of the day or night. RTGS means Real Time Gross Settlement and this facility is available for the electronic fund transfers for more than Rs. 2.0 lacs.
The service can be availed using the Internet Banking services of your bank.
The NEFT services have already been made 24X7. NEFT stands for National Electronic Funds Transfer service. The NEFT services allow transferring of any amount. However, NEFT services are not real-time, unlike RTGS which is real-time.
NEFT and RTGS are two very swift ways to make electronic fund transfers between banks within India.
