Five things to know about the new RTGS rule

New Delhi: The Reserve Bank of India has decided to extend the usage timings for `Real Time Gross Settlement` (RTGS) system by an additional one-and-a-half hour.

RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis.

Here are five things that you need to know

The new RTGS deadline will be applicable from June 1.

RBI has  decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.

The time-varying charges for transactions in RTGS from 8 am to 11 am will be for free. Between 11 am and 12 pm the transaction charges will be Rs 2, from 1 pm to to 6 pm it shall be Rs 5 per outward transaction and after 6pm the transaction charges will be Rs 10

The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI`s end.

The RTGS time window opens for business at 8a, for customer transaction (initial cut-off) the time is till 6pm, for inter-bank transaction (final cut-off) the time is till 7.45 pm, for IDL Reversal the time is between 7.45 pm and 8 pm, end of the day is at 8pm.