No, RTGS does not always require a cheque. Whether or not you need a cheque depends on how you initiate the RTGS transaction.
Here's a breakdown:
-
RTGS Transactions at a Bank Branch: If you are conducting an RTGS transaction directly at a bank branch, a cheque might be required. This is because the bank often needs a physical authorization to debit funds from your account. However, this may vary depending on your bank's specific policies and your relationship with them. They might accept a debit instruction form instead of a cheque.
-
RTGS Transactions via Electronic Media (Internet Banking/Mobile App): If you are initiating an RTGS transaction through electronic channels like internet banking or a mobile app, a cheque is not required. The transaction is authorized electronically using your login credentials, OTPs (One-Time Passwords), or other secure authentication methods.
In summary:
| Transaction Method | Cheque Required? |
|---|---|
| Bank Branch | Potentially (check with your bank) |
| Internet Banking/Mobile App | No |
Therefore, while a cheque can be necessary for RTGS transactions originating from a physical bank branch, it is not needed when using online or mobile banking platforms.
