RTGS Charges in SBI (State Bank of India)

RTGS Charges in SBI
RTGS Charges of SBI

RTGS Charges in SBI: RTGS (Real Time Gross Settlement) as the name suggests is one of the many ways of transferring funds from one bank to another bank. The trasfer of funds can can done in real-time i.e the money can be transferred at the same time as the intimation for the same is recieved.

In the present day RTGS is one of the most secured way of inter-bank transfer through the most secured channel throughout India. There are several other modes of transferring funds such as IMPS or NEFT transfers.

Important Points Related to RTGS Charges in SBI

There are some regulations initiated by the State Bank of India (SBI) for the RTGS Charges. Take a look at some of these notes:

  • Any type of SBI RTGS charges shall be recovered or charged to the account from which credit is afforded. There is a special provision in regard to certain accounts in this matter. There shall be no recovery of charges from account holders of Vishesh accounts and accounts holders of Savings plus and premium accounts.
  • SBI RTGS charges which shall be deducted on each RTGS transaction shall be credited to that branch of SBI which puts through the RTGS transaction.
  • Any non-home transaction shall be allowed to be conducted free of any service charge from any staff or SBI pensioner.
  • Certain concessions have been put in place for different category of customers.
  • For customers such as individuals residing in rural areas, pensioners, senior citizens and other class of customers, the service charges on SBI RTGS charges has been reduced to 50% of its original quantum, along with several other services such as issue of cheque books, stop payment instructions, issue of balance certificates, ledger folio charges and much more.

Benefits of using RTGS

  • It is a safe and secure system for funds transfer.
  • RTGS transactions / transfers have no amount cap.
  • The system is available on all days when most bank branches are functioning, including Saturdays.
  • There is real time transfer of funds to the beneficiary account.
  • The remitter need not use a physical cheque or a demand draft.
  • The beneficiary need not visit a bank branch for depositing the paper instruments.
  • The beneficiary need not be apprehensive about loss / theft of physical instruments or the likelihood of fraudulent encashment thereof.
  • Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.
  • The transaction charges have been capped by RBI.
  • The transaction has legal backing.

RTGS Charges in SBI

For every Online transaction you need to pay a small fee as the “Processing Charge”. Depending of different banks the Charges differs from bank to bank. SBI also Charges a small processing fee for its RTGS transfers.

The RTGS Charges in SBI are as follows:

For a Amount between 2 lakhs to 5 lakhs – INR 25 onwards for existing charges for branch, which are exclusive of Goods and Services Tax.

For a Amount Above 5 lakhs – INR 50 onwards for existing charges for branch, which are exclusive of Goods and Services Tax.

NOTE: With effect from July 01st, 2019, the Reserve Bank has changed the processing fee read below to find out

Minimum Amount of RTGS Transactions

There is a lower limit set for the minimum amount of transaction in RTGS unlike NEFT or IMPS money transfers, where there is no lower limit on the amount of transaction
The minimum and maximum amount that can be transferred throught RTGS is as follows:

The minimum amount for which an RTGS can be made is INR two lakh with no upper or maximum ceiling.

Timing for RTGS Transaction:

At present, the service of RTGS is available from Monday to Saturday, starting from 9:00 AM to 4:30 PM. 

RTGS CHARGES IN SBI WAIVED OFF

With effect from July 01, 2019, the Reserve Bank has waived the processing charges of RTGS transactions. Banks may pass on the benefit to its customers.

With a view to change the service charges imposed by banks for offering funds transfer through RTGS system, a broad framework of charges has been mandated as under:

a) Inward transactions – Free, no charge to be levied.

b) Outward transactions – ₹ 2,00,000/- to 5,00,000/- : not exceeding ₹ 24.50/-;(exclusive of tax, if any)
Above ₹ 5,00,000/- : not exceeding ₹ 49.50/-. (exclusive of tax, if any)

Read now: NEFT CHARGES IN SBI

FAQ

What does RTGS stand for?

The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be explained as a system where there is continuous and real-time settlement of fund-transfers, individually on a transaction by transaction basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received; ‘Gross Settlement’ means that the settlement of funds transfer instructions occurs individually.

Are the payments under RTGS final and irreversible?

Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irreversible.

What is the minumim amount for RTGS Transactions?

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.

What are the RTGS charges of SBI?
The RTGS Charges of SBI are as follows:

With effect from 01 July, 2019, the Reserve Bank has waived the processing charges levied by it for RTGS transactions. Banks may pass on the benefit to its customers.
With a view to rationalize the service charges levied by banks for offering funds transfer through RTGS system, a broad framework of charges has been mandated as under:
a) Inward transactions – Free, no charge to be levied.
b) Outward transactions – ₹ 2,00,000/- to 5,00,000/- : not exceeding ₹ 24.50/-;(exclusive of tax, if any)
Above ₹ 5,00,000/- : not exceeding ₹ 49.50/-. (exclusive of tax, if any)

What is UTR number?

Unique Transaction Reference (UTR) number is a 22 character code used to uniquely identify a transaction in RTGS system.

What are the RTGS Charges of SBI

The RTGS Charges of SBi are as follows:
With effect from 01st July, 2019, the Reserve Bank has removed the processing charges levied by it for RTGS transactions. Banks may pass on the benefit to its customers.
With a view to rationalize the service charges levied by banks for offering funds transfer through RTGS system, a broad framework of charges has been mandated as under:
a) Inward transactions – Free, no charge to be levied.
b) Outward transactions – ₹ 2,00,000/- to 5,00,000/- : not exceeding ₹ 24.50/-;(exclusive of tax, if any)
Above ₹ 5,00,000/- : not exceeding ₹ 49.50/-. (exclusive of tax, if any)
Above are the RTGS Charges of SBI

Tony Stark

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