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The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

At present, requests for electronic transfer of funds exceeding Rs. 2,00,000/-  from one bank account to another bank account in a different bank - local or outstation, are executed through RTGS system.

Below is the NEFT and RTGS Timings:-


Request Type

Monday to Saturday

2nd & 4th Saturday


08:00 AM to 04:15 PM



08:00 AM to 06:45 PM



The remitting customer has to furnish the following information to a bank for initiating a RTGS remittance:

Amount to be remitted

Remitting customer’s account number which is to be debited

Name of the beneficiary bank and branch

Name of the beneficiary customer

Account number of the beneficiary customer

Sender to receiver information, if any

The IFS Code of the funds receiving branch

The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code is also available on the cheque leaf. The list of IFSCs is also available on the RBI website ( This code number and bank branch details can be communicated by the beneficiary to the remitting customer.


Here is the list of IFS Codes of various branches of Shivalik Bank.