Charges Levied By Top Lenders For Real-Time Gross Settlement (RTGS) Payments

Real Time Gross Settlement or RTGS, a payment system, is primarily meant for large value transactions. Most banks across the country today offer the service of RTGS but levy certain charges. State Bank of India (SBI) and ICICI Bank, for example, charge a fee ranging from Rs 50 to Rs 56 per transaction from their customers for making a money transfer of more than Rs 5 lakh through RTGS. Recently, the Reserve Bank of India (RBI) - which manages the RTGS payments system - has announced an extension in the timings applicable to RTGS transfers by one-and-a-half hours. The extended window for RTGS will be applicable from June 1.

Given below are the charges levied by SBI, ICICI Bank and HDFC Bank for money transfer service RTGS:

State Bank of India (SBI)

Here are the existing RTGS timings and other charges applicable to SBI customers, for making fund transfers within the bank's network as well as to other banks:

From June 1, 2019, the cut-off time for RTGS transactions will be 6:00 pm for customers. This means the RTGS transfers will be allowed to be initiated by a remitter till 6:00 pm, instead of 4:30 pm at present.

ICICI Bank

Here are the existing RTGS charges applicable to ICICI customers, for making fund transfers within the bank's network as well as to other banks, according to bank's website-  icicibank.com:

HDFC Bank

HDFC Bank currently charges no fee for RTGS transactions made online, according to its website- hdfcbank.com.