Yes, you can generally transfer 20 lakhs through RTGS (Real-Time Gross Settlement).
While the Reserve Bank of India (RBI) doesn't set an upper limit for RTGS transactions, individual banks may impose their own limits. Therefore, transferring 20 lakhs via RTGS is usually possible, but it's crucial to verify the specific limit with your bank.
Here's a breakdown:
- RBI's Stance: The RBI has not defined any maximum limit for RTGS transactions.
- Bank-Specific Limits: Banks have the autonomy to set their own upper limits for RTGS transfers. Some banks may have a default limit of 20 lakhs or higher, while others might require you to request an increase.
- Example: As the reference points out, a bank like IDFC First Bank might have a maximum transfer limit of Rs. 20 lakhs per day. However, other banks could allow for significantly higher amounts.
Recommendations:
-
Contact your Bank: The most reliable way to determine if you can transfer 20 lakhs via RTGS is to contact your bank directly. You can usually do this through their customer service hotline, online banking portal, or by visiting a branch.
-
Check Online Banking: Some banks display your RTGS limit within your online banking interface. Check your transaction settings or FAQs.
-
Consider Alternatives: If your bank's RTGS limit is lower than 20 lakhs, explore alternative options such as:
- Multiple Transactions: If allowed by your bank, you could split the 20 lakhs into multiple RTGS transactions, each within the permissible limit. However, be aware of potential transaction fees.
- NEFT: NEFT (National Electronic Funds Transfer) is another electronic funds transfer system. While RTGS is typically used for high-value transactions needing immediate settlement, NEFT may be suitable if immediate transfer isn't crucial. Check the NEFT limits with your bank.
- Other Methods: Depending on the recipient and the urgency, explore options like demand drafts or other fund transfer services.
In conclusion, while the RBI allows for transfers of 20 lakhs via RTGS, verifying your bank's specific limit is crucial to ensure a smooth transaction.
