ICICI Bank RTGS in 2023 is designed for significant value transactions. The minimum amount eligible for RTGS transfer is Rs 2 lakh, while the maximum daily limit is Rs 10 lakh. For detailed information on ICICI Bank RTGS, including the RTGS Form, rules, timing, and charges, please refer to the official guidelines. RTGS, or Real Time Gross Settlement, enables real-time fund transfers to any bank in India. This service streamlines transactions, extends their reach, and offers greater flexibility.
इस पोस्ट में क्या है ?
- 1 What is RTGS?
- 1.1 What are the Benefits for Customers?
- 1.2 ICICI Bank RTGS Form
- 1.3 ICICI Bank RTGS Charges
- 1.4 Transfer Amount Limits Minimum and Maximum
- 1.5 Sending Payments Using RTGS
- 1.6 When Will the Amount Be Credited to the Beneficiary’s Account?
- 1.7 What Is the Timeframe for Scheduling an RTGS Transaction?
- 1.8 Distinguishing Between RTGS and NEFT
- 1.9 What Are the Advantages of Using ICICI Bank RTGS?
- 1.10 ICICI Bank RTGS (FAQ)
What is RTGS?
Real Time Gross Settlement (RTGS) is a nationwide payment system that enables one-to-one electronic fund transfers. This system allows individuals to transfer funds from any bank branch to another individual with an account in any participating bank branch across the country.
On the other hand, NEFT (National Electronic Funds Transfer) operates on a Deferred Net Settlement (DNS) basis, settling transactions in batches. In the DNS process, all transactions received until a specific cutoff time are grouped and netted, encompassing both payable and receivable transactions. In contrast, RTGS settles transactions individually. Any transaction initiated after the designated settlement time in NEFT must await the next scheduled settlement time. In contrast, RTGS processes transactions continuously throughout its operating hours.
What are the Benefits for Customers?
Customers can swiftly transfer funds to another bank branch’s account, and this service incurs only nominal charges.
ICICI Bank RTGS Form
ICICI Bank RTGS Form
Can I download RTGS form online?
Download ICICI Bank RTGS Form
ICICI Bank RTGS Charges
|Mode of Transaction
|Online modes (i.e. internet banking, iMobile app, Mera iMobile app and Pockets app)
|₹2 lakh up to ₹5 lakh: ₹20 + applicable GST
|₹5 lakh up to ₹10 lakh: ₹45 + applicable GST
Transfer Amount Limits Minimum and Maximum
“The RTGS system is primarily designed for high-value transactions. As a result, the minimum permissible amount for RTGS transfers is ₹2 lakh per day, while the maximum allowable amount is ₹10 lakh per day.”
Sending Payments Using RTGS
There are two methods to initiate RTGS payments. The first method is “RTGS via Bank Branch,” and the second is “ICICI RTGS Via Internet Banking.”
RTGS via Bank Branch: If you prefer making RTGS payments offline, by visiting a bank branch, you should go to your nearest ICICI Bank branch. Request an RTGS form or slip and complete all the required details as indicated in the form. Submit the form to the cashier, and your bank branch will send the payment to the recipient within 2 working hours.
ICICI RTGS Via Internet Banking: You can also send money via RTGS by using ICICI Bank’s Internet Banking service. To utilize Internet banking, log in to the ICICI Bank website. Add a new beneficiary, and you will be able to make RTGS payments. Online RTGS is available for all ICICI Bank customers with full transaction rights.
To access ICICI Bank’s RTGS Facility, download the application form or visit your ICICI Bank branch and submit the completed form to your base branch. If you are already an ICICI Bank Connect customer with “view rights” and want to have full transaction rights, please re-submit your application form (which can be downloaded from the above URL) to your base branch.
- og in to your ICICI Bank Retail NetBanking account.
- On the left-hand side navigation bar, locate and click on “Other Bank Transfer – RTGS” under the Funds Transfer section.
- Fill in all the required details, including the transfer amount, destination account number, IFSC Code, beneficiary name, and payment details.
- Once all these details are correctly filled in, a unique transaction confirmation number will be generated. Make sure to keep this number as it is needed for any inquiries related to this specific transaction.
When Will the Amount Be Credited to the Beneficiary’s Account?
- ICICI Bank RTGS operates around the clock, 365 days a year.
- Transactions, upon confirmation, are immediately debited from the source account and processed. Transactions initiated before the cutoff time will be processed on the same day.
- Transactions initiated outside RTGS hours and on RTGS holidays will be processed for onward transfer to the beneficiary bank on the next working day. Ensure sufficient funds in your account for the transaction. If you are retrying, please check the status of your previous transaction.
- Please be aware that once the amount is debited and processed by ICICI Bank, the crediting of the beneficiary account depends entirely on the destination bank.
Typically, under standard conditions, beneficiary branches should receive the transferred funds in real-time as soon as they are sent by the remitting bank. Upon receiving the funds transfer message, the beneficiary bank is required to credit the beneficiary’s account within 30 minutes.”
What Is the Timeframe for Scheduling an RTGS Transaction?
You can schedule an RTGS transaction in advance with a time frame of 3 working days.This facility is available for various transaction types, including:
- Cash Management Transfer
- Supplier Payment
- Tax Payment
- Trade Settlement Payment
- Value Added Tax Payment
If none of the options mentioned above are relevant to your transaction, please select “Cash Management Transfer” as the default option.
Distinguishing Between RTGS and NEFT
- Both RTGS (Real Time Gross Settlement) and NEFT are mechanisms established by the RBI to enable online fund transfers among member banks.
- Starting from 15th November 2010, in accordance with RBI guidelines, RTGS (Real Time Gross Settlement) is exclusively available for transactions amounting to Rs. 2,00,000 or more. For transactions below this threshold, NEFT should be employed.
What Are the Advantages of Using ICICI Bank RTGS?
- ICICI Bank RTGS Charges is Accessible to All – All of our Net banking users, both existing and new, are eligible to make use of this online facility.
- ICICI Bank RTGS Facility is User-Friendly, Convenient, Swift, and Secure – Users can easily and conveniently transfer funds to beneficiaries in other banks in a safe and swift manner. Fund transfers to other banks are not only faster but also secure and reliable.
- Customers Can Utilize ICICI Bank RTGS Anytime, Anywhere – It’s a simple and easy-to-use service that can be accessed from home or office, anytime and anywhere, helping you save time and energy.
- Get More for Less – ICICI Bank RTGS is a cost-effective solution compared to traditional remittance methods like DD/MT.
ICICI Bank RTGS (FAQ)
Real time gross settlement, which is RTGS full form, is a real-time payment system that transfers funds from one bank to another.
Yes, the minimum transaction amount for RTGS is Rs. 2 lakhs.
Yes, banks may charge a nominal fee for RTGS transactions if done through the branch, which can vary depending on the bank and transaction amount.
No, RTGS is only for domestic fund transfers within India.
Online RTGS fund transfers can be done 24×7 on all days, including public holidays. However, the timings might vary for offline transactions depending on the bank’s working hours and holidays. It is advisable to contact the bank branch for updated RTGS timings.