RTGS means Real-Time Gross Settlement.
The ‘Real Time’ process means that instructions are processed when they are received; the ‘Gross Settlement’ process means that the fund transfer occurs individually. This is a type of settlement process used for high-value bank transfers. There is a minimum transaction amount of INR 2 lakh.
In 1985, three central banks adopted the system. There are currently more than 110,000 RTGS-enabled bank branches in the country, making it a popular money transfer method due to its capability of transferring funds the same day.