Real Time Gross Settlement (RTGS) is a secure, robust interbank payment system. As part of Bangladesh Bank's digitalization efforts, RTGS has been operational since October 29, 2015. It quickly gained popularity, offering customers a new dimension in high-value and swift transaction processing. Several bank branches and sub-branches have integrated RTGS services into their internet banking channels, further enhancing accessibility and convenience for users.
The Real Time Gross Settlement (RTGS) system serves as a vital economic aid for the Asian Development Bank and receives technological support from the World Bank. Initially developed by the Swedish institution CMA Small Systems AB, RTGS differs significantly from other fund transfer services like BEFTN and NPSB. Unlike these methods, RTGS does not allow fund transfer requests at any time; transactions can only be processed during banking hours.
Real Time Gross Settlement (RTGS) is an electronic fund
transfer system where funds are transferred in real-time from one bank account
to another. RTGS ensures that transactions are executed instantly without any
waiting period, making it suitable for high-value transactions in Bangladesh,
starting from 100,000 BDT or its equivalent in foreign currency. Presently,
this system is operational across over 7,000 online branches of 55 scheduled
banks out of 57 banks with a total of 11,000 branches nationwide. While
currently restricted to local currency transactions, the system is expected to
soon accommodate foreign currency transactions as well.
Source: Bangladesh Bank
