Exactly one year ago, RBI had announced 24*7 NEFT service and now RBI has announced 24*7 RTGS i.e. Real Time Gross Settlement service.
Before this RBI has even made NEFT and RTGS transactions free of cost which makes it more cost efficient than IMPS and now with making it available 24×7 it will be very helpful to people to transfer money to other people even at midnight without having to pay fees for a big business transaction which they used to pay for IMPS.
RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes, whose timings would be duly broadcasted through the RTGS system.
RTGS will be made available round the clock on all days of the year with effect from 00:30 hours on December 14, 2020.
Thus, now any transfer from one bank account to another digitally above Rs. 2 lakh can be done 24*7 anytime online without paying any fees using RTGS service.