Real Time Gross Settlement (RTGS)

Real Time Gross Settlement (RTGS) System is set up, operated and maintained by Reserve Bank of India to enable funds settlement on real-time basis across Banks in the country. Allahabad Bank is a member of RTGS with 123 branches offering this facility across 23 cities.

The main benefit of the RTGS is that the payee banks and their customers receive funds with certainty, or so-called finality, during the day, enabling them to use the funds immediately without exposing themselves to risk

You can now remit money to any of the over 25000 designated branches in about 500 cities which will reach the beneficiary the same day, within hours!

Eligibility

Allahabad Bank offers instant remittance facility through RTGS to both corporate and individual customers for transfer of funds from their accounts with us to customers of other bank branches, which are RTGS enabled. Incidentally, Allahabad Bank customers can also receive funds from other RTGS enabled bank branches.

Branches covered

Presently 123 branches as mentioned in the list (Annexure-A) are offering this facility. We propose to extend the facility to 200 branches shortly.

Requirement

Allahabad Bank customer who is willing to transfer the funds will be required to provide the IFSC Code (a number allotted to each participating bank branch) of the branch where the funds are to be transferred, along with other details of the beneficiary - name, account number, etc. If they are to receive funds from others, they can inform the details like IFSC Code (of the branch of Allahabad Bank where account is maintained), account number, etc to the sender.

Benefits to Customers

1. Transfer of funds on the same day

2. No courier/postal charges

3. No physical loss or material changes while in transit

4. Fully secured

5. Savings on interest cost

6. Better cash management

 Charges

There are no charges for local or outstation receipts in RTGS. Also all local payments are free of cost. The Bank’s charges for outstation payments are as under.

Rs.1/- per Rs. 1000/-, Minimum Rs. 100/- & Maximum Rs. 2000/-

Annexure-A

Click here for List of 123 SFMS Branches participating in RTGS