In Pakistan banking sector is growing very rapidly, I remember there was a time when you have to wait several days for doing transaction from your own bank account, But now with the help of IT you can do Inter Bank transactions in Real time with in Pakistan, Yes we are talking about RTGS ( Real Time Gross Settlement) with the help of this product you can instantaneously transfer your funds from one bank account to other bank account.
For Example:- You have an account in Bank Al Habib Ltd and you want to Transfer funds to one of your party that have account in Soneri bank, So you can do this transaction with the help of RTGS,
You can avail the facility of RTGS From Monday To Friday, There is specific timing for conducting the transaction through RTGS ( 9am To 4PM ). And there is a nominal charges, depends on the bank.
Eligibility Criteria of RTGS is you must be a account holder of the bank from where you want to conduct the transaction and second thing is this transaction is only be possible through Cheque, You can not conduct the transaction Via Cash.
Almost every bank in Pakistan allows you the facility of RTGS, So you don't need to wait for normal clearing or intercity clearing.