Question
Download Solution PDFThe upper or maximum ceiling of RTGS transaction in India is _______.
This question was previously asked in
JKSSB SI Official Paper (Held On: 12 Dec 2022 Shift 1)
Answer (Detailed Solution Below)
Option 4 : It has no upper limit
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Detailed Solution
Download Solution PDFThe correct answer is It has no upper limit.
Key Points
- The Real-Time Gross Settlement (RTGS) system in India does not have an upper transaction limit.
- RTGS is primarily meant for large value transactions which are settled individually in real time.
- It is managed by the Reserve Bank of India (RBI), ensuring secure and efficient fund transfers.
- The minimum amount for RTGS transactions is Rs. 2 lakhs, but there is no maximum ceiling.
Additional Information
- What is RTGS?
- RTGS stands for Real-Time Gross Settlement, a system where the transfer of funds takes place from one bank to another on a "real-time" and on a "gross" basis.
- "Real-time" means the processing of instructions at the time they are received, and "gross settlement" means the transaction is settled on a one-to-one basis without netting with any other transaction.
- Operational Hours
- RTGS services are available on all working days of the week from 7:00 AM to 6:00 PM.
- Transactions made after the cutoff time will be processed on the next working day.
- Benefits of RTGS
- RTGS transactions are highly secure as they are managed by the RBI.
- It is an ideal method for high-value transactions as there is no upper limit.
- Immediate settlement reduces the risk of default in settlement.
- Charges for RTGS
- There are nominal charges associated with RTGS transactions, which vary from bank to bank.
- However, the RBI has waived off the charges for RTGS transactions initiated online via internet banking and mobile banking.
Last updated on Jul 4, 2024
-> The JK Police SI applications process has started on 3rd December 2024. The last date to apply is 2nd January 2025.
-> JKSSB Sub Inspector Notification 2024 has been released for 669 vacancies.
-> Graduates between 18-28 years of age who are domiciled residents of Jammu & Kashmir are eligible for this post.
-> Candidates who will get the final selection will receive a JKSSB Sub Inspector Salary range between Rs. 35,700 to Rs. 1,13,100.