RTGS (Real Time Gross Settlement) is one of the fastest modes of money transfer in India. In this electronic money transfer process, the money is paid on a real-time basis and each transaction is processed individually instead of hourly slots like in NEFT. Reserve Bank of India directly controls the RTGS transactions; the fund settlement takes place directly in the books of RBI and for this reason, the payments are final and cannot be reversed. ICICI Bank makes RTGS simple and fasts for its account holders by getting all information at one place, ICICI RTGS form.
ICICI Bank permits RTGS on a minimum transaction value of Rs 2 lakhs per day; the maximum amount which can be transacted via RTGS in a day is Rs 10 lakh. RTGS transfers initiated online via internet banking or mobile banking are not chargeable. But, if done at the bank branch, a nominal fee is charged for RTGS services. Rs 25+GST is charged for transaction value between 2- 5 lakhs and Rs 50+ GST for transactions between 5-10 lakhs.
According to RBI guidelines, the bank must make the payment within 30 minutes. If the payment is not credited in the beneficiary bank account within this timeframe, the sender can raise a complaint at the ICICI bank customer service or at the grievance cell of Reserve Bank of India.