Real Time Gross Settlement (RTGS) service is funds transfer systems where transfer of money or securities takes place from one bank to another on a “real time” and on “gross” basis. This is the fastest possible money transfer system through the banking channel. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bunching or netting with any other transaction. Considering that money transfer takes place in the books of the Central Bank, the payment is taken as final and irrevocable.
Valued customers only require to maintain an operation bank account to avail RTGS service from any Online Branch of BKB.