RTGS Full Form
Real Time Gross Settlement is the full form of RTGS. RTGS is a process what banks use to transfer funds between a bank account to another bank account. This process used to transfer funds for more then 2.00 Lakhs.
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If a customer wants to transfer funds by RTGS, he provides Cheque of a sum of Rs. what he want to transfer by RTGS alongwith fully filled details of RTGS form to his banker:-
1. Cheque of a sum of Rs. along with RTGS form (duly Signed by Account Holder).
2. Full Name of Beneficiary.
3. Account Number of Beneficiary.
4. Beneficiary Bank's Name and Branch.
5. Beneficiary's Bank IFS Code.
6. Amount to be transferred (in figure and words).
Can a family member do a RTGS on my behalf with my signed cheque?
Due to security reasons, RBI don't allows to any third person / party to transaction in your bank account. Your bank also follow RBI Guidelines and never allow to third person for make transactions in your account.
But in emergency cases bank allows to third person to make transactions on your behalf in your bank account. Like: Entry in Passbook, Bank Statement, Bank Balance Details, Transfer funds on your behalf etc. But bank will follow these steps when banks employees knows customer and the third person very well. Bank will follow orders of third person when he has a written application signed by customer. Bank only Transfer Funds on the request of third person, when he has written permission with signed cheque and RTGS / NEFT Form / Pay in Slip duly signed by customer.
After checking above permissions bank also rights to confirm from account holder about his permissions to make transactions or any other work from his bank account.
After transferring funds, bank will provide a 16 digits code to his customer, with this code customer can filter his payments to beneficiary's bank account.