What is the fastest money fund transfer method in India ?

0
804
Print Friendly, PDF & Email

Real Time Gross Settlement  is fastest electronic funds transfer system in India  where transfer of money takes place from one bank to another on a ‘real time’ and on ‘gross’ basis.

  1. Settlement in ‘Real Time’ means payment transaction is not subjected to any waiting period.
  2. The transactions are settled as soon as they are processed.
  3. ‘Gross Settlement’ means the transaction is settled on one to one basis without bunching with any other transaction.
  4. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.