As we all know the world has grown digitally at a very fast pace across various streams. Banks had to adapt to new technologies to improve their efficiency, generating growth, and convenience to bring more customers. Also, to match the ever-changing market of Artificial Intelligence banks have increased the usage of smart devices and increased their connectivity.
SBI is the leading nationalized bank in India having its headquarters in Mumbai. It offers a variety of products available for its customers like NEFT, RTGS, and IMPS that can be availed either online with the help of internet banking, the YONO App, or offline by visiting a branch. In this article, we will be discussing about SBI RTGS.
What is RTGS?
It is a system where the processing of funds transfers takes place in real-time i.e. as soon as they are received from the remitting bank.
- The funds transfer transactions are processed individually on an order basis.
- One can transfer funds from one bank to another within India on an immediate basis.
- It is used for high-value transactions only.
- The minimum limit in the case of RTGS transactions is INR 2 lakhs hence for any transaction below that one has to go for NEFT.
Can RTGS be Done Online?
The answer to this is “Yes”. Mentioned below are the steps to make RTGS online:
Step 1: Log into the SBI Internet banking account with the help of a username and password.
Step 2: Click on the tab “Payment Transfer”
Step 3: Choose the type of funds transfer i.e. “Within SBI” or “Outside SBI”.
Step 4: For funds transfer outside SBI, Click on “Funds Transfer” and then on “RTGS”.
Step 5: Click on “Add Beneficiary” if not done earlier.
Step 6: Provide the beneficiary’s information like name, IFSC Code, bank Account Number, etc.
Step 7: Click on “Confirm” or “Add”.
Step 8: Provide the OTP received on the registered mobile number to authenticate.
Step 9: The beneficiary would then be added within the next 24 hours.
Step 10: From the list of beneficiaries, choose the beneficiary to whom the funds are to be transferred.
Step 11: Enter the amount and click on confirm.
Charges for RTGS
Mentioned below are the SBI RTGS Charges:
| Transaction Amount | SBI RTGS Charges |
| INR 2 lakhs – INR 5 lakhs | INR 20 + GST |
| More than INR 5 lakhs | INR 40 + GST |
Limit for RTGS
| Minimum / Maximum amount for RTGS transactions under Retail Internet Banking | ||
| Type | Minimum | Maximum |
| RTGS | INR 2 Lakhs | INR 10 Lakhs |
| Minimum / Maximum amount for RTGS transactions under Corporate Internet Banking | |||
| Type | Minimum | Maximum (per transaction) | Maximum (per day) |
| RTGS | INR 2 Lakhs | Saral – INR 10 Lakhs Vyapaar – INR 50 Lakhs Vistaar – INR 2000 Crores | Saral – INR 10 Lakhs Vyapaar – No Limit Vistaar – No Limit |
Details to be mentioned on the RTGS Form
To make RTGS by visiting a bank, one has to follow the below-mentioned steps:
Step 1: Visit the nearest RTGS-enabled bank.
Step 2: Fill out the RTGS Fund Transfer form
Step 3: Enter the correct details as asked for.
Step 4: Make a cheque with the RTGS transaction amount and attach it along with the form.
Step 5: After verification, submit the form to the concerned bank representative.
Step 6: Once the request is completed, the amount will then be deducted from the bank account and will be transferred to the beneficiary’s bank account.
Mentioned below are the details to be filled out in SBI RTGS Form:
As we know RTGS can be done either by visiting the branch, website, or via the YONO app. The RTGS form is available online in PDF format that can be downloaded, printed, and submitted at the bank’s branch after filling it up. Also, it is available in an editable format to transfer funds online.
- Remitter details- Remitter/Applicant Name, Account Number, Cash Deposited, Contact Number, Email ID, and Address.
- Payment details- Cash Amount/Cheque Number, Credited Account Number, and IFSC Code.
- Beneficiary details- Beneficiary Name, Account Number, Address, Branch Name, IFSC Code, and Amount to be credited.
Requirements for an effective RTGS Transaction
Some basic requirements are to be met to initiate an effective RTGS transfer. It means the customer has to furnish some information and details as mentioned below to make RTGS effective:
- Remittance Amount
- Account details of the remitting customer for debiting the sum
- Name of the beneficiary bank and branch
- The IFSC number of the receiving branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if any
Advantages of RTGS
Mentioned below are the advantages of making SBI RTGS Funds Transfer:
- It is a safe and secure system of transferring funds.
- There is no upper limit on RTGS transactions.
- This service is available round the clock i.e. 24×7 and 365 days.
- The funds are transferred to the beneficiary in real-time i.e. as and when received basis.
- There is no need to use a demand draft or a cheque at the time of processing RTGS.
- As RTGS can be done online, the remitter doesn’t have to visit the bank to make a fund transfer.
- The charges on RTGS have been capped by RBI. However, it may vary from bank to bank.
- These transactions have legal backing.
- RTGS transactions can be initiated from anywhere or at any time.
- There is no threat of funds being stolen.
Guidelines for making a SBI RTGS
Mentioned below are some guidelines that should be followed while making SBI RTGS:
- The bank should follow the RBI guidelines concerning RTGS transactions.
- The amount will be paid only in the bank account number mentioned in the RTGS Form.’
- All the applicable charges and taxes on RTGS would be deducted from the remitter’s bank account.
- If the information provided on the RTGS Form is incorrect, then the bank will not be held liable for the consequences that are to be faced due to erroneous information being provided.
- The remitter must tick RTGS in case a combined NEFT and RTGS Form is received, otherwise, it will be self-decided by the bank. The bank will do NEFT in case the funds transfer is less than INR 2 lakhs, and TGS in case the amount to be transferred is more than INR 2 lakhs.
- The RTGS Form must be read first before making the transfer of funds.
