Union Bank of India RTGS: Make Easy and Secure Real-Time Payments

Union Bank of India RTGS 2023: The Real Time Gross Settlement (RTGS) system is primarily designed for handling large-value transactions. The minimum amount eligible for remittance through RTGS is Rs 2 lakh. This article covers essential information about Union Bank of India’s RTGS, including the RTGS form, rules, timings, charges, and a guide on how to perform RTGS transactions. With RTGS, you can seamlessly transfer funds to any bank across India in real time, making transactions more efficient and expanding their reach. For a comprehensive understanding of Union Bank of India RTGS, including how to initiate payments, associated charges, and the specific timings, refer to the details provided below.

What is RTGS?

Union Bank of India’s Real Time Gross Settlement (RTGS) is a nationwide payment system designed to enable seamless one-to-one funds transfer. This scheme allows individuals to electronically transfer funds from any branch of a bank to an account held by an individual at any other participating bank branch across the country.

Benefits for Customers

Customers can transfer funds to accounts in other bank branches, and the funds are transferred instantaneously at nominal charges.

Union Bank of India RTGS Form

Click Here to Download Union Bank of India RTGS, NEFT Form

Minimum and Maximum Transfer Amounts

Please be informed about the latest RBI update on June 7, 2019. RBI has eliminated charges for transactions made through NEFT and RTGS, instructing banks to convey these benefits to their customers. This implies that transactions conducted via NEFT and RTGS will either be free or experience a significant reduction in charges. This directive was included in the Statement on Developmental and Regulatory Policies, released today by the central bank as part of its monetary policy review.

Therefore, RTGS transactions are now free of charges.

OLD RTGS Charges

• Minimum: Rs. 200000
• Maximum: No Limit

For transaction amount from Rs. 2 Lac & up to Rs. 5 Lacs: Rs.25.00 + taxes (From 08:00 Hrs & up to 11:00 Hrs) Rs.27.00 + taxes (After 11:00 Hrs & up to 13:00 Hrs) Rs.30.00 + taxes (After 13:00 Hrs)
For transaction amount more than Rs. 5 Lacs: Rs.50.00 + taxes (From 08:00 Hrs & up to 11:00 Hrs) Rs.52.00 + taxes (After 11:00 Hrs & up to 13:00 Hrs) Rs.55.00 + taxes (After 13:00 Hrs)

Sending Payments through RTGS in Union Bank of India: A Step-by-Step Guide

There are two methods for making RTGS payments through UBI:

1. RTGS via Bank Branch: To initiate RTGS through the offline mode, visit your nearest Union Bank of India branch. Request an RTGS form, fill in the required details, and submit the form to the cashier. The bank branch will then send the payment to the recipient within 2 working hours.
2. RTGS Via Internet Banking: For online RTGS, use your Union Bank of India Internet Banking service. Log in to the Union Bank of India website, add a new beneficiary, and proceed to make the payment via RTGS. Online RTGS is available to all Union Bank of India customers with Internet Banking access. If you wish to avail the RTGS facility, download the application form from the website or visit your Union Bank of India branch to submit the filled form. If you are already a Union Bank of India Connect customer with “view right” and want full transaction rights, resubmit your application form to your base branch.

Steps for RTGS via Internet Banking:

1. Log in to Union Bank of India Retail NetBanking.
2. Click on “Other Bank Transfer – RTGS” in the Funds Transfer section on the left-hand side navigation bar.
3. Fill in the transfer details, including amount, destination account number, IFSC Code, beneficiary name, and payment details. After correctly filling in these details, a unique transaction confirmation number will be generated, which should be quoted for any queries related to that transaction.

RTGS Operational Timings

RTGS Operational Timings:

• Monday to Friday: 8:00 AM to 4:20 PM. Bulk RTGS files should be uploaded before 3:50 PM for same-day processing.
• Saturday (except 2nd & 4th Saturdays): 8:00 AM to 4:20 PM. Bulk RTGS files should be uploaded before 3:50 PM.
• Sunday is a holiday.

Crediting Timeline for Beneficiary Account

union bank of india rtgs timings operates 24/7, 365 days a year. Confirmed transactions are immediately debited from the source account and processed. Transactions initiated before the cut-off time are processed on the same day. Transactions outside RTGS hours or on RTGS holidays are processed on the next working day for onward transfer to the beneficiary bank. Ensure sufficient funds in your account for transaction processing. If retrying, check the status of your previous transaction. Note that the credit into the beneficiary account is entirely dependent on the destination bank once the amount is debited and processed from Union Bank of India.

Cut-off time for remittance through Union Bank of India RTG.

In typical situations, beneficiary branches are anticipated to receive funds in real-time as soon as they are transferred by the remitting bank. The beneficiary bank is required to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.

What is the Time Frame for Scheduling an RTGS Transaction?

The advance scheduling time frame for an RTGS transaction is 3 working days. You can utilize this for various transactions such as:

• Cash Management Transfer
• Hedging
• Interest
• Loan
• Securities
• Supplier Payment
• Tax Payment
• Trade
• Trade Settlement Payment
• Value Added Tax Payment

If none of the above options is applicable to your transaction, please choose “Cash Management Transfer” as the default option.

Distinguishing RTGS and NEFT Transactions

Both RTGS (Real-Time Gross Settlement) and NEFT are provided by the RBI to facilitate online fund transfers among various member banks. As per RBI guidelines effective November 15, 2010, RTGS is available for transactions of Rs.2,00,000 and above, while transactions below this amount should use NEFT.

Benefits of Union Bank of India RTGS Charges

1. Available to All: The Union Bank of India RTG. is accessible to all existing and new Net banking users.
2. Simple, Convenient, Quick, and Secure: The RTGS facility offers a straightforward, convenient, quick, and secure way for users to transfer funds to beneficiaries in other banks. It ensures a faster, secure, and safe transfer of funds.
3. Anytime, Anywhere Operation: Customers can use the Union Bank of India RTGS from the comfort of their home or office, anytime and anywhere, saving time and energy.
4. Cost-Effective: Union Bank of India RTG. is a cost-effective option compared to conventional modes of remittance like Demand Drafts (DD) or Money Transfer (MT).

FAQ