Yes, you can transfer ₹20 lakhs through RTGS with HDFC Bank, as RTGS is designed for high-value transactions of ₹2 lakh and above with no upper limit. Online NetBanking allows transfers up to ₹50 lakhs per day. For new beneficiaries, transfers are capped at ₹50,000 in the first 24 hours.
RTGS transaction through NetBanking - the maximum amount of funds that can be transferred per day is as per customer's TPT limit (maximum up to ₹50 lakh).
Overview: RTGS transfers require a minimum of ₹2 lakh with no RBI maximum cap. Banks set daily limits between ₹25-50 lakh for individuals.
RTGS transactions / transfers have no amount cap set by RBI. The system is available on all days on 24x7x365 basis.
Regardless of the amount to be transferred, HDFC Bank does not levy any RTGS charges when transactions are made online. However, a flat fee of Rs. 15 + GST is charged for branch-based RTGS.
Yes, it is possible to transfer ₹20 Lakhs through NEFT, depending on your bank's daily limit. Increasing the NEFT limit in HDFC is a hassle-free process. To modify your third-party transfer (TPT) limit in HDFC Bank, log in to the official HDFC Bank portal using your ID and password.
What is the limit for a Resident Individual for sending money to USA from India? According to the Liberalised Remittance Scheme (LRS) for money transfers overseas, there is an annual cap of US$250,000 or its equivalent on international fund transfers by any resident individual in a financial year.
NEFT is best suited for low-value transactions and operates in batches while RTGS is used for high-value transactions and settles payments in real-time. The two systems differ in terms of fees, minimum transfer amounts, and settlement speed.
RTGS Fees and Charges
According to RBI regulations, the RTGS charges are as follows: For transaction between ₹2 and ₹5 Lakhs, the charge cannot be more than ₹25 exclusive of taxes, if any. For transaction amount above ₹5 Lakhs, the charge cannot be more than ₹50 exclusive of taxes, if any.
The consequences of RTGS failure
Threats like cyber attacks, data corruption, hardware or software failure, even natural disasters can impact RTGS systems. Even a brief disruption to an RTGS system would be costly, but a prolonged failure would be catastrophic.
Transfers can be made in multiples of Rs 2 lakh, up to the chosen TPT limit, with a maximum of ₹50 lakh. Security Measures: For security reasons, transfers to newly added beneficiaries are restricted to ₹50,000 in total, whether in full or in parts, during the first 24 hours after the beneficiary is added.
How Long Does RTGS Transfer Take? Under normal circumstances, the RTGS transfer time is real-time. As mandated by the Reserve Bank of India (RBI), the beneficiary bank receives the amount within 30 minutes of receiving the transfer message. The amount is reflected on the receiver's account within a few seconds.
How to Choose Between IMPS, NEFT and RTGS?
You can send money directly from your bank account in India to the recipient's bank account in the USA. Most Indian banks (like State Bank of India, ICICI Bank, HDFC Bank, etc.) offer wire transfer services. This can be done either online or by visiting the branch.
You can generally transfer large sums from overseas to the U.S. without paying income tax if the money is a gift, inheritance, or personal transfer, but you must report amounts over $10,000 to FinCEN (via your bank) and potentially file IRS Form 3520 for foreign gifts over $100,000 (from individuals) or around $19,570 (from foreign entities in 2024) to avoid penalties, as the IRS tracks large inflows for anti-money laundering and tax compliance, even if the money itself isn't immediately taxed as income.
Under the new rules effective from April 1, 2025, no TCS is applicable for foreign remittances up to Rs. 10,00,000 in a financial year.
RTGS: Best for high-value urgent transfers. The minimum transfer amount via RTGS is Rs. 2 lakh, while there is no maximum limit on transactions.
Top Bank Limits: HDFC & Axis Rs. 50 lakh/day (online), SBI Retail Rs. 10 lakh/day, SBI Corporate up to Rs. 2,000 crore/day.
RTGS can help minimize the potential for fraud against large dollar amount payments by allowing a smaller window of time in which the critical information about a high-value payment is vulnerable.
While the minimum transfer amount through RTGS is Rs. 2 lakhs there is no maximum limit for RTGS.
Real Time Gross Settlement (RTGS)
Transfer money from your Family Bank account to any another local bank within Kenya. These transactions are completed within a minimum period of 2 hours subject to a cut-off time of 3PM.