Transferring 20 lakhs in one day is possible through various banking channels, primarily utilizing the Real-Time Gross Settlement (RTGS) system. However, options and limitations depend on the specific bank.
RTGS Transfers
RTGS is designed for high-value transactions and facilitates real-time fund transfers. Here's how you can use it:
- No Upper Limit by RBI: The Reserve Bank of India (RBI) does not set an upper limit for RTGS transactions.
- Bank-Specific Limits: Individual banks may impose their own limits.
- IDFC First Bank: Allows a maximum transfer amount of Rs. 20 lakhs per day via RTGS.
- ICICI Bank: Allows a maximum transfer of Rs. 10 lakhs via RTGS.
- Multiple Transactions: To transfer the entire amount with banks that have lower limits, you might need to execute multiple transactions, provided you stay within your daily transaction limit.
Steps to Transfer via RTGS
- Ensure RTGS Availability: Verify that both your bank and the recipient's bank support RTGS transactions.
- Obtain Beneficiary Details: Collect the recipient's bank name, account number, account type, and IFSC code.
- Initiate the Transfer: Log in to your bank's online portal or visit a branch to initiate the RTGS transfer.
- Enter Details: Provide the beneficiary details and the amount you wish to transfer (Rs. 20 lakhs).
- Verify and Confirm: Double-check all the information before confirming the transaction.
Alternatives if RTGS Isn't Feasible
If RTGS isn't a viable option due to bank limits or other reasons, consider these alternatives:
- NEFT (National Electronic Funds Transfer): While NEFT has no upper limit set by RBI, individual banks might have their own limits. Check with your bank.
- Multiple Bank Transfers: If you have accounts in multiple banks, you can split the amount and transfer from each account.
- Demand Drafts/Banker's Cheques: For very large amounts, these can be reliable options, though they aren't instant.
Example Scenario
Let's say you bank with IDFC First Bank. Since they allow RTGS transfers of up to Rs. 20 lakhs per day, you can transfer the entire amount in a single transaction. However, if you bank with ICICI Bank, you would need to explore alternative methods or split the transaction over multiple days due to their Rs. 10 lakh RTGS limit.
