Real Time Gross Settlement (RTGS) is an electronic funds transfer system for transferring high-value funds from one bank branch to another on a real-time and gross basis. In India, RTGS is used for large-value interbank transfers and is regulated by the Reserve Bank of India (RBI). Union Bank of India, as a scheduled commercial bank, facilitates RTGS transfers through branch forms and online banking channels. This paper explains the RTGS form requirements, processing, limits, charges, documentation, and practical advice for customers using Union Bank of India’s RTGS service.
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| Issue | Solution | |-------|----------| | Wrong IFSC | Double-check – use RBI’s IFSC search or Union Bank’s branch list | | Beneficiary name mismatch | Must exactly match bank’s records (minor spelling errors cause return) | | Amount less than ₹2 lakh | Use NEFT instead | | Insufficient balance + charges | Ensure balance = amount + fees | | Signature mismatch | Update signature records before submission | | Incomplete purpose code | Ask branch staff for correct code | | Beneficiary account closed | Fund will bounce; you pay return charges | Real Time Gross Settlement (RTGS) is an electronic
A standard RTGS instruction form collects the following fields (ensure current Union Bank of India form for exact labels): A standard RTGS instruction form collects the following
Even a small error can cause the transaction to be returned, costing you time and possibly additional return charges.
