RTGS service might be unavailable for 14 hours on Sunday: Here’s what it is advisable know

Earlier this week, the Reserve Bank of India (RBI) introduced that the Real Time Gross Settlement (RTGS) service for transferring giant funds might be unavailable for 14 hours on Sunday resulting from a technical improve.
According to a latest tweet by the central financial institution, RTGS service is not going to be accessible from 00:00 hours to 14:00 hours on Sunday, April 18, 2021.
However, the RBI mentioned that the National Electronic Fund Transfer (NEFT) service will proceed to be operational as standard throughout this era for transferring funds.

As technical improve of RBI’s #RTGS is scheduled after the shut of enterprise of April 17, 2021, #RTGS service is not going to be accessible from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. #NEFT system will proceed to be operational as standard throughout this era for #moneytransfers.
— ReserveBankOfIndia (@RBI) April 15, 2021
 
What is RTGS?
Real Time Gross Settlement or RTGS is a system the place there’s a steady and real-time settlement of fund transfers, individually on a transaction by transaction foundation (with out netting).

It is primarily meant for giant worth transactions, so the minimal quantity for making a transaction by means of RTGS is Rs 2 lakh whereas the utmost transaction varies from financial institution to financial institution.
The service is obtainable on all days on a 24x7x365 foundation and there’s a real-time switch of funds to the beneficiary account. It is obtainable each on-line in addition to within the department.

What is NEFT?
National Electronic Funds Transfer or NEFT is a centralised cost system owned and operated by the RBI and offers near-real-time funds switch to the beneficiary account.

The minimal quantity for making a transaction by means of RTGS is Re 1 whereas the utmost transaction varies from financial institution to financial institution and at the moment, there are not any prices to financial savings checking account prospects for on-line NEFT transactions.
NEFT service presently operates in batches at half-hourly intervals all through the day.