Transferring money through RTGS can be initiated via mobile or Internet banking or by visiting a bank branch. However, RTGS service is available only on working days and during working hours. RTGS is a system where processing of instructions is done in real time, so the transfer is instant. The minimum amount that you can transfer using RTGS is ₹2 lakh, and there is no upper limit. This system is meant for high-value transactions. If the NEFT transaction is not credited or returned within the stipulated time, then banks are liable to pay penal interest at the current RBI liquidity adjustment facility (LAF) repo rate (the interest rate at which RBI lends to banks) plus 2% for the period of delay or till the date of refund to the affected customers’ account.
Typically, NEFT transactions get credited to the beneficiary’s account within two business hours. These are maximum rates fixed by the Reserve Bank of India (RBI), but banks are free to charge anything up to the limits prescribed. For transactions up to ₹10,000, banks may charge up to ₹2.25 for transactions above ₹10,000 to ₹1 lakh, up to ₹4.75 for transactions between ₹1 lakh and ₹2 lakh, up to ₹14.75 and for transactions above ₹2 lakh, up to ₹24.75. While there are no charges to be paid by those receiving the funds through NEFT, if you are transferring money, you may have to pay a fee.
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