The upper or maximum ceiling of RTGS transaction in India is _______.

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  1. Rs. 10 Lakhs
  2. Rs. 15 Lakhs 
  3. Rs. 25 Lakhs 
  4. It has no upper limit

Answer (Detailed Solution Below)

Option 4 : It has no upper limit
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Detailed Solution

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The 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.

Latest JKSSB Sub Inspector Updates

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