New Timings for RTGS Transactions Implemented from 1st Sep 2015
A new notification has been rolled out by Reserve Bank of India. According to the new circular, 2nd Saturday and 4th Saturday of every month starting September 1, 2015 will be considered as a Bank Holiday for all banks in India which include both the scheduled banks as well as non-scheduled banks. In case you are not aware of scheduled and non-scheduled banks, they include banks in local areas, regional rural banks, cooperative banks, foreign banks, private sector banks and public sector banks. This new holiday rule has been put into effect from September 2015.
Because the alternate Saturdays starting 2nd Saturday of every month will now be a bank holiday, all banking operations on bank holidays will be halted completely. This means that in case you are waiting for a Cheque clearance or for a NEFT (which is the abbreviated form of National Electronic Funds Transfer) transfer or perhaps an RTGS (which is the abbreviated form of Real Time Gross Settlement) transfer on the second or fourth Saturday of a month, you will have to wait until next Monday. However, all banks will stay active and work full day on 1st and 3rd Saturdays of every month.
Transactions with future value date will not be processed under RTGS or Electronic Clearance Service (ECS) on the days of public holiday. Because of this new changes, RTGS timings have been altered. Here is a quick and comparative look at the previous timings for RTGS transactions and the newly set timings:
|Old System||New System Effective from September 2015|
|Monday||Regular Working Day||Regular Working Day|
|Tuesday||Regular Working Day||Regular Working Day|
|Wednesday||Regular Working Day||Regular Working Day|
|Thursday||Regular Working Day||Regular Working Day|
|Friday||Regular Working Day||Regular Working Day|
|Saturday||1st||Up to 3:30 PM||Regular Working Day|
|2nd||Up to 3:30 PM||Bank Holiday|
|3rd||Up to 3:30 PM||Regular Working Day|
|4th||Up to 3:30 PM||Bank Holiday|
|Sunday||Public Holiday||Public Holiday|
|Day of the Week||Timings of activities under old system||Timings of activities under new system – effective from September 2015|
|Business Starts||Customer Transaction Ends At||Inter-Bank Transaction Ends At||EOD||Business Starts||Customer Transaction Ends At||Inter-Bank Transaction Ends At||EOD|
|Monday||8:00 AM||4:30 PM||7:45 PM||8:00 PM||8:00 AM||4:30 PM||7:45 PM||8:00 PM|
|Tuesday||8:00 AM||4:30 PM||7:45 PM||8:00 PM||8:00 AM||4:30 PM||7:45 PM||8:00 PM|
|Wednesday||8:00 AM||4:30 PM||7:45 PM||8:00 PM||8:00 AM||4:30 PM||7:45 PM||8:00 PM|
|Thursday||8:00 AM||4:30 PM||7:45 PM||8:00 PM||8:00 AM||4:30 PM||7:45 PM||8:00 PM|
|Friday||8:00 AM||4:30 PM||7:45 PM||8:00 PM||8:00 AM||4:30 PM||7:45 PM||8:00 PM|
|Saturday||1st||8:00 AM||1:30 PM||3:00 PM||3:30 PM||8:00 AM||4:30 PM||7:45 PM||8:00 PM|
|2nd||8:00 AM||1:30 PM||3:00 PM||3:30 PM||BH||BH||BH||BH|
|3rd||8:00 AM||1:30 PM||3:00 PM||3:30 PM||8:00 AM||4:30 PM||7:45 PM||8:00 PM|
|4th||8:00 AM||1:30 PM||3:00 PM||3:30 PM||BH||BH||BH||BH|
|Sunday||It’s a freaking Sunday! Everyone deserves a holiday.|
- BH stands for Bank Holiday.
- The tables above are meant for RTGS transactions only.
- The 2nd table for timing has been created to the best of our knowledge. In case of ERRORS, please notify us the same. We will update it accordingly.
In case you are not aware of RTGS and NEFT differences, here is a quick table for your aid:
|Parameter for Differentiating||RTGS Transactions||NEFT Transactions|
|Settlement Type||Individual settlement||Net batch settlement per hour|
|Beneficiary receives money||Almost instantly. For very big amounts, it can take up to 2 hours.||1 to 2 hours after transfer or may be next business day if the transfer is made in last hour of allowed customer transaction time.|
|Type||Real time||Not real time|
|Value||High value transaction||Low to high value transactions|
|Minimum Value of Transaction||₹ 200,000||No minimum|
|Maximum Value of Transaction||No limit (but some banks may impose limits based on whether it is retail banking or corporate internet banking)||₹ 500,000 for retail banking and for corporate internet banking, the maximum can be ₹ 500 crores (values may differ from bank to bank).|
That’s pretty much the entire summary of differences between RTGS and NEFT. For details about the transaction limits, please consult with your bank. This table is only for reference and should not be taken as final.