Real Time Gross Settlement (RTGS)

Real Time Gross Settlement (RTGS) is the continuous (real-time) settlement of fund transfers individually. MGB has introduced RTGS mode fund transfer in all its branches. Amount starting from 2 Lakh can be sent to any other RTGS-enabled Bank’s customer account through this mode from any MGB Branch

Overview

'Real Time' means instructions are processed at the time of receipt itself; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).

How to do RTGS Transaction?

Customer intending to initiate transfer of funds through RTGS has to fill an application form providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted.
The application form will be available at any of the bank branch. Visit any of our branch, Fill in the form and Submit the same to Bank.

RTGS Timing

RTGS transactions can be initiated from any of the MGB branch anytime during Business hours
RTGS Settlement Timings : 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. So the settlement takes place in real time.