FAQ for Online Investment using RTGS

Size: px

Start display at page:

Download "FAQ for Online Investment using RTGS"

William Rich
6 years ago
Views:

1 FAQ for Online Investment using RTGS What is RTGS? The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a real time and on gross basis. Gross settlement means the transaction is settled on one to one basis without bunching with any other transaction. Settlement in real time means payment transaction is not subjected to any waiting period. RTGS transactions are processed continuously throughout the RTGS business hours. This is the fastest possible money transfer system through the banking channel. The transactions are settled as soon as they are processed. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable. Till what time RTGS service window is available? The RTGS service window timings that the banks follow for customer s transactions may vary depending from Bank to bank. Normally, it starts from 9.00 hours and is open till hours or 16:30 hours on week days and from 9.00 hours to 11:30 hours or 12:30 hours on Saturdays depending from bank to bank. What is UTR No? Unique Transaction Reference (UTR) is generated / issued in RTGS system for uniquely identifying the transaction. Is there any minimum / maximum amount stipulation for RTGS transactions? The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS varies from bank to bank. Minimum amount is Rs. 2 lakh; however some banks have the limit as Rs. 1 lakh. There is no upper ceiling for RTGS transactions. Is there a facility to subscribe for units of RELIANCE Mutual Fund online using RTGS? Yes, the facility to transact online and make the payment subscribe for units through RTGS system is available on Go to online transaction for initiating the transaction and make payment through RTGS option. Which categories of schemes can I invest using the RTGS facility? All schemes are available for subscription using the RTGS facility. Do I need to register for this facility? You need not register for this facility at our end. To transfer funds using RTGS, depending upon the registration procedure of the respective bank, you may have to register RELIANCE Mutual Fund s Bank account under the RTGS option. The bank may have a certain turnaround time (TAT) to complete the registration facility.

2 Which is the RELIANCE Mutual Fund Bank number account where I can transfer funds using RTGS? Beneficiary A/c Name Beneficiary Bank Name Beneficiary Bank A/c No IFSC Code RTGS Code (UTR Code) RMF ALL SCHEMES POOL A/C Yes Bank 9250YOURPANNUMBER For E.g. 9250AJTPD4653J YESB Generated from Bank. Investor can put this code on RMF site for reference Can I transfer funds into any Bank account of RELIANCE MF and still avail of the facility? under the "Direct Plan"? No, RTGS received only in designated Bank account number mentioned above is considered. The account mentioned is exclusive to facilitate online subscription through RTGS as a mode of transferring funds. In instances where the funds are transferred to another account of RELIANCE MF through RTGS and subsequent transaction is entered in the online portal, the subscription is liable to be rejected. How do I transact using this facility? o Existing unit holder first need to login to Reliance Mutual Fund website. (With IPIN or without IPIN). Link of website: o Select the Portfolio ---> Select Purchase/Switch transaction ---> Confirm T PIN (same as your IPIN) ---> Select the Scheme in which you want to Invest ---> Press Submit. o Select NEFT/RTGS as payment option ---> Confirm the Bank Account from where the payment will be initiated. o Press Submit. Transaction is processed. Note the Reference Number. o Log onto your Bank s website from where the payment will be initiated. o Transfer the desired subscription amount into our designated collection account (details given below). You can mention the Reference Number given on RMF website in the reference field on Bank site. This is not mandatory; however it can be useful for reconciliation purpose. o *Note: The DEMO on how to transact online using RTGS as payment option is given below with the screenshots. Are there any charges for using this facility? RELIANCE Mutual Fund levies no charges, we request you to check with your banks for charges that they may levy.

3 DEMO on RTGS transaction:

4 Folio Nos Name

6 Name

8 Name of the Holder

10 Virtual Account Number For E.g. 9250AJTPD4653J YESB Yes Bank

11 HDFC Bank XXXXXXXXXXXXXXXXXX

HO:Banking Operations Dept. Taking Banking Technology to the Common Man Chennai -1

HO:Banking Operations Dept. Taking Banking Technology to the Common Man Chennai -1 Frequently sked Questions (FQs) on RTGS and NEFT What is RTGS (Real Time Gross Settlement) System? RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another