RTGS: Meaning, How It Works & Transfer Guide with Bajaj Finserv

Real-Time Gross Settlement (RTGS) is a payment system managed by the Reserve Bank of India (RBI) that facilitates real-time and gross settlement of funds. This means transactions are processed individually and instantly, without any batch processing delays. RTGS is primarily used for high-value transactions, with a minimum transfer limit of Rs. 2 lakh.

Key Features of RTGS

• Instant Settlement: RTGS processes transactions in real-time, ensuring funds are transferred immediately.
• High-Value Transactions: It is ideal for payments exceeding Rs. 2 lakh, making it suitable for property purchases, business payments, and legal expenses.
• Secure and Reliable: As an RBI-regulated system, RTGS provides a high level of security and transparency.

Benefits of RTGS via Bajaj Finserv

Bajaj Finserv offers a user-friendly platform for RTGS transfers, enabling verified customers to complete transactions quickly and securely. Some benefits include:

• Convenience: Initiate RTGS transfers online without visiting a bank branch.
• Timely Payments: Ensure that critical payments, such as hospital bills or business dues, are cleared instantly.
• Ease of Use: Bajaj Finserv’s intuitive interface simplifies the RTGS process for all users.

Pro Tip: RTGS is perfect for situations where time-sensitive, high-value payments are required. For example, if you are closing a property deal, RTGS ensures funds are transferred instantly to avoid delays.

One of the most significant advantages of RTGS is its 24×7 availability. Previously restricted to business hours, RTGS is now accessible round the clock, including weekends and public holidays. This ensures users can complete urgent transactions anytime, eliminating the need to wait for banking hours.

Why 24×7 RTGS Matters

• Urgent Payments: Whether you need to make a payment on a holiday or during late hours, RTGS ensures your transactions are processed instantly.
• Flexibility: Users can transfer funds at their convenience, without worrying about time restrictions.

Bajaj Finserv’s platform further enhances this flexibility by offering seamless RTGS access for verified customers, ensuring smooth transactions regardless of the day or time.

Initiating an RTGS transfer via Bajaj Finserv is straightforward and hassle-free. Here is a step-by-step guide to help you complete your transaction:

Step-by-Step Process for RTGS Transfer

1. Log in to Bajaj Finserv’s Service Portal: Use your registered mobile number or email ID to log in, and complete OTP verification for secure access.
2. Locate the RTGS Feature: Navigate to the RTGS option in the portal or app dashboard.
3. Input Recipient Details: Enter the beneficiary’s account number and IFSC code accurately.
4. Confirm Transaction Amount: Specify the amount to be transferred, ensuring it exceeds Rs. 2 lakh. Double-check all details to avoid errors.
5. Verify and Finalise: Review the transaction details, verify them, and confirm the payment. You will receive real-time confirmation along with the option to download the transaction receipt.

Pro Tips for RTGS Transfers

• Double-Check Details: Always verify the recipient’s account number and IFSC code to avoid failed transactions.
• Keep Records: Download and save the receipt for future reference, especially for high-value payments.

With Bajaj Finserv’s secure platform, you can initiate RTGS transfers confidently, knowing that your funds will reach the beneficiary instantly.

Conclusion

RTGS is a reliable and efficient payment system for high-value transactions, offering instant fund transfers with unmatched security. Bajaj Finserv simplifies this process further, providing verified customers with a seamless platform to initiate RTGS transfers anytime, anywhere.

Whether you need to make urgent payments for a property purchase, hospital bill, or business transaction, RTGS via Bajaj Finserv ensures your funds reach the beneficiary instantly. Log in to Bajaj Finserv’s Service Portal today to experience the ease and convenience of RTGS transfers.

This article is designed to guide users through RTGS transfers while highlighting Bajaj Finserv’s role in simplifying the process. By providing actionable insights and detailed instructions, it aims to build trust and establish Bajaj Finserv as a dependable partner for financial transactions.