Real-time gross settlement systems (RTGS) is an electronic payment system in which payment instructions between banks are processed and settled individually and continuously on a "real time" and “gross settlement" basis. 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is INR 2 lakh. There is no upper ceiling for RTGS transactions.
Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within 30 minutes of receiving the funds transfer message. The RTGS service window for online channels is available from 07.00 hours to 17:45 hours on week days and working Saturdays. However, the bank timings may vary depending on the customer visit time of the respective branches.
RTGS transactions can be initiated 24x7 through Retail Internet Banking and Corporate Internet Banking as per below.
- From 7:00 am to 6:00 pm – As per customer approval limit
- From 6:00 pm to 7:00 am – upto INR 1 Crore (including 2nd & 4th Saturday, Sunday & Bank Holidays)
Axis Bank Ltd.
Customer Facilitation Centre,
Treasury Operations - RTGS/NEFT,
Corporate Office, 4th Floor, Axis House,
Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg,
Mumbai - 400 025
Tel: 1800 233 5577
1800 209 5577
1800 103 5577
to view the list of Customer Facilitation Centre of Member Banks.