MUMBAI: The Reserve Bank of India on Tuesday stated it'll waive all fees on fund transfer thru in style RTGS and NEFT programs from July 1 and asked banks to cross on the advantages to customers from the same day.
The Real Time Gross Settlement System (RTGS) is meant for large-value prompt fund transfers while the National Electronic Funds Transfer (NEFT) gadget is used for fund transfers of as much as Rs 2 lakh.
Country's largest financial institution SBI fees between Re 1 and Rs five for transactions thru NEFT and between Rs five and Rs 50 for RTGS direction.
Following up at the announcement made on June 6 after the bi-monthly monetary policy overview, the RBI stated it has reviewed the more than a few fees levied via it at the member banks for transactions processed within the RTGS and NEFT programs.
In order to offer an impetus to digital budget motion, the central financial institution additional stated it has been determined that with impact from July 1, 2019, processing fees and time various fees levied on banks via RBI for outward transactions during the RTGS, as also the processing fees for transactions processed in NEFT will probably be waived via the Reserve Bank.
"The banks are prompt to cross on the advantages to their customers for undertaking transactions using the RTGS and NEFT programs with impact from July 1, 2019," it stated.
The Reserve Bank levies "minimum fees" on banks for transactions routed thru its RTGS and NEFT, and banks, in turn, levy fees on their customers.
The Real Time Gross Settlement System (RTGS) is meant for large-value prompt fund transfers while the National Electronic Funds Transfer (NEFT) gadget is used for fund transfers of as much as Rs 2 lakh.
Country's largest financial institution SBI fees between Re 1 and Rs five for transactions thru NEFT and between Rs five and Rs 50 for RTGS direction.
Following up at the announcement made on June 6 after the bi-monthly monetary policy overview, the RBI stated it has reviewed the more than a few fees levied via it at the member banks for transactions processed within the RTGS and NEFT programs.
In order to offer an impetus to digital budget motion, the central financial institution additional stated it has been determined that with impact from July 1, 2019, processing fees and time various fees levied on banks via RBI for outward transactions during the RTGS, as also the processing fees for transactions processed in NEFT will probably be waived via the Reserve Bank.
"The banks are prompt to cross on the advantages to their customers for undertaking transactions using the RTGS and NEFT programs with impact from July 1, 2019," it stated.
The Reserve Bank levies "minimum fees" on banks for transactions routed thru its RTGS and NEFT, and banks, in turn, levy fees on their customers.
Fund transfers via RTGS, NEFT to cost less from July 1
![Fund transfers via RTGS, NEFT to cost less from July 1]()
Reviewed by Kailash
on
June 11, 2019
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