RTGS stands for Real Time Gross Settlement. It is an electronic mode of transferring funds that allow instant transfer of funds. The term ‘Gross Settlement’ refers to the system of processing transactions individually and not in batches. RTGS can be performed in two ways – HDFC Bank account holders can either visit the bank and pay the amount in the traditional way or they can visit the bank’s website and make the payment online.
HDFC also permits users to perform RTGS transactions from the mobile banking app free of cost. Accountholders of HDFC savings account can also request the bank to debit the money directly from the account. The process has been made more convenient for the senders as now they can schedule RTGS payments. This means they can book RTGS money transfers in advance. When the stipulated date comes, the bank will automatically perform the transaction on behalf of the sender.