How can i do rtgs

What is RTGS? How do I make a same day payment? Check which app you have:. Classic Westpac App Tap Pay in the bottom menu Select who you would like to pay and the account you would like the payment to come from Enter the Amount then tick Process this as a same day RTGS payment and send a longer payee description.

Once completed, tap Next. Hover over Payment then select Make a payment Select an existing payee you wish to pay, or create a new payee by clicking Pay new payee Select the account you wish to pay from using the Select an account dropdown menu and enter the amount to be paid Under the Amount , tick the box next to Process this as a same day RTGS payment and send a longer payee description.

Once completed, select Continue. The remitting customer has to furnish the following information to a bank for initiating an RTGS remittance:. Alternatively, it is available on the cheque leaf of the beneficiary.

How can a remitting customer know whether the bank branch of the beneficiary accepts remittance through RTGS? The following should be ensured while putting through a funds transfer transaction using RTGS —.

Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter. In RTGS, why is credit to the beneficiary given solely based on account number?

Transactions in RTGS happen in real time and it is not possible to match name and account number before affording credit to the beneficiary. Since name in the Indian context is spelt differently and would not really match with that available with the beneficiary bank, the process of affording credit solely based on the account number of the beneficiary has been enabled. What is the time taken for effecting funds transfer from one account to another through RTGS?

Under normal circumstances, the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message. RTGS is a credit-push system i. Can an RTGS transaction be tracked? Would the remitting customer receive an acknowledgement of money credited to the beneficiary's account?

While the customers do not have the facility to track the transaction, the RBI has implemented the feature of positive confirmation in an RTGS transaction.

Would the remitting customer get back the money if it is not credited to the beneficiary's account? Is there any time frame prescribed for it? Once the money is received back by the remitting bank, the original debit entry in the customer's account needs to be reversed. Whom can a customer contact, in case of non-credit or delay in credit to the beneficiary account? If the issue is not resolved satisfactorily, complaint may be lodged at email or by post at following address giving UTR number and details of the issue -.

The trend has been helped by the plethora of options available today for the online transfer of funds. Fund transfer to RTGS beneficiary can be done after 24 hours from beneficiary activation time. You will also need a UTR if you have other forms of income or expenses that require you to file a Self Assessment tax return. Penalties have been introduced by HMRC for late filing. Skip to content Articles. April 2, Joe Ford.