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IndusInd Bank RTGS Transaction – All you need to Know

By   /  November 28, 2023  /  Comments Off on IndusInd Bank RTGS Transaction – All you need to Know

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If you intend to make a high-value transaction instantly, you might want to go for an RTGS transaction as it enables real-time fund transfer for larger amounts as well. IndusInd Bank, among other prominent banks in India, offers both online and offline options for this transaction. You can choose either one according to your convenience. For offline transaction, an IndusInd Bank RTGS form has to be downloaded. Let’s have a closer look at the different aspects of IndusInd bank RTGS transaction.

What is an RTGS transaction?

The full form of RTGS is Real-Time Gross Settlement and it stands as an electronic funds transfer system for high-value and time-sensitive transactions. It is widely used by banks and financial institutions. The term “gross” in RTGS highlights that each transaction is settled individually and fully. This approach guarantees secure and autonomous fund transfers, minimising counterparty risk. RTGS systems are typically under the operation and oversight of central banks or financial authorities to maintain the stability and integrity of the financial system.

How to get an IndusInd bank RTGS form?

You can get an IndusInd RTGS form by visiting a nearby IndusInd bank. Or, if you want to download the IndusInd Bank RTGS form, you can follow these steps:

  • Visit the official website of IndusInd Bank (https://www.indusind.com/).
  • On the website, you will find options for downloading RTGS labeled as “RTGS/NEFT Application Form”.
  • The IndusInd RTGS form is available in PDF format. Click on the link to download it to your device.
  • After downloading the IndusInd bank RTGS form you can print it and fill it out with the necessary details, including the beneficiary’s account information, transaction amount, and your account details.
  • Then, submit the form to the nearest IndusInd bank branch and follow the guidance of the IndusInd Bank staff.

Contents of an IndusInd RTGS form

RTGS transaction is carried out through a common form which is labelled as “Application cum Debit Authority Form for DD/RTGS/NEFT/IMPS transfers”. Just below it, there are options for different types of transactions with checkboxes. Then, on the right side, there is space for the sender’s details and on the left, there is space for the recipient’s details such as name, bank account number, mobile number, email ID and mobile number. Even if you want to make an NEFT transaction, you have to use the same form. All the other banks also have the same format of the form. You can download the form from the corresponding bank’s website. If you have an account with the State Bank of India, you can just visit its official website and download the SBI NEFT form

How to fill out the IndusInd bank RTGS form?

To fill out the IndusInd bank RTGS form, follow this step-by-step guidance:

  • Enter the date of the transaction at the top right corner of the form.
  • Fill in the bank details section, which includes your name, address, and contact details. 
  • Then fill out the beneficiary details Including the name, address, and bank account number
  • Next, you have to fill out the transaction Details:
    • Amount: Write the amount you want to transfer in both words and figures.
    • Payment Details: Mention the purpose of the transaction or any relevant remarks. This is optional, if you don’t want to give any description, you can leave it empty.
  • Specify who will bear the RTGS charges. Select “OUR” if you want to pay all charges, “SHA” if charges are to be shared, or “BEN” if the beneficiary will pay the charges.
  • The acknowledgment slip is usually at the bottom of the RTGS form. It will provide you with a unique transaction reference number after the bank processes your request. You can keep this slip for future reference.
  • Sign the form on the space provided. Both the remitter and a bank official will sign to authorise the transaction.
  • After filling out the form completely, submit it to your IndusInd Bank branch. The bank staff will verify the details, and once it is approved the RTGS transfer will be initiated.

IndusInd RTGS Charges

When it comes to IndusInd Bank’s RTGS charges, here’s how they are structured:

  • For transactions within the range of Rs 2 lakhs to Rs 5 lakhs, there’s a charge of Rs 25 per transaction when you conduct the transaction in person at the bank by submitting the IndusInd Bank RTGS form.
  • For transactions exceeding Rs 5 lakhs, the charge is Rs 50 per transaction for in-person transactions at the bank. Online RTGS transactions do not have any additional charges.
  • Importantly, there are no charges for inwards RTGS transactions, which means receiving funds through RTGS is typically free of charge.

For further information or assistance with the bank’s services, you can reach out to IndusInd Bank customer care for prompt support.

IndusInd bank RTGS limit

The RTGS limits at IndusInd Bank depend on the customer’s type of account.

For Individual Customers:

  • The minimum RTGS limit is Rs. 2 lakhs.
  • When using digital channels, individual customers can transfer a maximum of Rs. 10 lakhs per transaction.

For Non-Individual Customers:

  • The minimum RTGS limit remains at Rs. 2 lakhs.
  • Non-individual customers, when utilising digital channels, have a higher maximum RTGS limit, set at Rs. 25 lakhs per transaction.

It’s important to note that the minimum limit of Rs. 2 lakhs applies universally, while the maximum limit, especially for non-individual customers, is elevated for transactions conducted through digital channels.

IndusInd bank RTGS timing

If you do it online, you can initiate the transaction anytime. However, if you wish to go to the bank branch and do the transaction then, you will have to go to the branch during its working hours. Most of the branches open at 8 AM and closes at 4:30 PM on weekdays. On Saturdays, the working hour is from 8 AM to 1:30 PM excluding the second and fourth Saturdays. This timing may again vary from branch to branch depending on the location. The bank remains closed on Sundays.

Advantages of RTGS transaction

  •  When you use RTGS, your money is sent and received right away. It’s like sending a text message, but with money.
  • RTGS is very safe. It uses strong security measures, so you don’t need to worry about your money getting lost.
  • You can send any amount of money using RTGS. It’s perfect for big payments, like business transactions or buying a house.
  • RTGS makes sure your money goes to the right place without errors or delays.
  • Almost all banks and businesses use RTGS, so you can send money to anyone.
  • You and the person getting the money will know right away when the transfer is done.
  • You can follow your payment’s progress and see where your money is at any time.
  • Companies use RTGS for things like paying employees and suppliers really quickly.
  • Used by the Government: Governments use RTGS to send things like pensions and subsidies to people.
  • RTGS doesn’t need other transactions to finish before yours. It’s always ready to send your money fast.
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