The Reserve Bank of India (RBI) has extended the Real Time Gross Settlement (RTGS) time window meant for customer transactions (initial cut-off) from 4.30 pm to 6 pm.
This new rule will be effective June 1, 2019. As per the update, transactions will now be initiated under three windows: 8am to 11am, 11am to 1am and 1am to 6pm.
Customers operating in the first window won’t have to pay any additional charges over and above the fixed processing charge, an additional fee of Ras 2 and Rs 5 will be levied on the second and third window respectively.
While customers who conduct transactions in the first window won’t have to pay any additional fee over and above the fixed processing charge, the additional fee for the second and third window has been set at Rs.2 and Rs.5 respectively.
“It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm… The time-varying charges for transactions in RTGS from 13:00 hours to 18:00 hours shall be Rs. 5 per outward transaction,” said RBI in a statement issued on late Tuesday evening.
