RTGS service to remain unavailable on April 18; here are two alternate ways to use for transferring funds
New Delhi | Jagran Business Desk: The Real Time Gross Settlement (RGTS) service for fund transfers will not be available for 14 hours on April 18, the Reserve Bank of India (RBI) said on Thursday.
"As technical upgrade of RBI's #RTGS is scheduled after the close of business of April 17, 2021, #RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. #NEFT system will continue to be operational as usual during this period for #moneytransfers," the RBI tweeted today.
Under RTGS, there is continuous and real-time settlement of fund-transfers individually on a transaction-by-transaction basis without netting. It is a safe and secure system for funds transfer without any upper or maximum ceiling and is available on all days on 24x7x365 basis.
The RBI's decision to upgrade the RTGS facility is a must as cybersecurity concerns are increasing with hackers finding new ways to loot people. However, it will affect thousands of people on April 18. So here are two ways to transfer money if you face an urgent situation on April 18:
National Electronic Fund Transfer or NEFT is one of the easiest ways to transfer money from one bank to another as it requires just two things -- account number and IFSC Code of the destination account. Here's how you can transfer money from one bank to another through NEFT:
Step 1) Visit the official website of your bank and go to the fund transfer tab.
Step 2) Now you would need to select the "Transfer to other banks (NEFT)" option.
Step 3) Enter the details asked by the bank.
Step 4) Enter the amount to be transferred and your pin.
Step 4) Click on submit and your transfer would be completed.
Apart from NEFT, you can also transfer money via Immediate Payment Service or IMPS. However, it is noteworthy to mention that the transaction limit via IMPs is significantly low and depends on individual banks.
Here's how you can transfer money from one bank to another via IMPS through mobile banking:
Step 1) Go to the app of your bank and select the IMPS menu from the IMPS.
Step 2) Select 'send money' or 'fund transfer'.
Step 3) Enter the recipient's mobile number and the amount that will be transferred.
Step 4) Enter your Mobile Pin.
Step 5) Click on submit to transfer the amount.
Here's how you can transfer money from one bank to another via IMPS through net banking:
Step 1) Visit your bank's official website.
Step 2) Enter the beneficiary's account number and amount that will be transferred.
Step 3) Enter the name of the beneficiary's bank and its address.
Step 4) Click on submit to transfer the amount.
Posted By: Aalok Sensharma