Bookmark Bookmark

Fund transfer via RTGS, NEFT set to get cheaper from 1 June

Fund transfer via RTGS, NEFT set to get cheaper from 1 June

Fund transfer through RTGS and NEFT systems is set to become cheaper from 1 July 2019 after the Reserve Bank of India (RBI) decided it will not impose any charges on such transactions.

After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from 1 July, the Reserve Bank of India had also asked banks to pass on the benefits to customers from the same day.

RTGS and NEFT

The Real-time Gross Settlement (RTGS) system is meant for large-value instantaneous fund transfers, while the National Electronic Funds Transfer (NEFT) system is used for fund transfers of up to Rs. 2 lakh.

How much banks charge?

The country's largest bank SBI charges between Rs. 1 and Rs.5 for transactions through NEFT and between RS. 5 and Rs. 50 for RTGS route.

Why RBI took this move?

To provide an impetus to digital funds movement, the central bank had decided to do away with the processing charges and time-varying charges levied on banks by the RBI for outward transactions through the RTGS, as also the processing charges for transactions processed in NEFT will be waived by the Reserve Bank of India.

You might be interested:

India boycotts ‘Osaka Track’ at G20 summit

India boycotts ‘Osaka Track’ at G20 summit India, South Africa, and Indonesia have boycotted the “Osaka Track" on the “digital economy" at the G20 leaders’ summit in Osak ...

3 years ago

Daily News Digest:30 June 2019

Trump announces US-China trade truce, talks to resumeIndia, Indonesia set $50-billion trade target by 2025 to boost bilateral tiesIndia and Indonesia on Saturday set an ambitious $50 billion target fo ...

3 years ago

One Liners of the Day, 01 July 2019

Days in Focus International Asteroid Day - June 30. Defence Representatives of 50 law enforcement agencies of the International Security Alliance (ISA)are taking part in the first joint security ex ...

3 years ago

India born Priya Serrao has won the Miss Universe Australia title for 2019.

India born Priya Serrao has won the Miss Universe Australia title for 2019 India born Priya Serrao has won the Miss Universe Australia title for 2019. She will now represent Australia in the Miss Univ ...

3 years ago

Statistics Day: 29 June

Statistics Day: 29 June Statistics Day is observed on June 29th. Its main aim is to popularize the use of Statistics in everyday life. They plan to sensitize the public where Statistics subject helps ...

3 years ago

Statue of Ranjit Singh unveiled in Lahore

Statue of Ranjit Singh unveiled in Lahore A life-size sculpture of Maharaja Ranjit Singh, who ruled over Punjab for four decades, was unveiled in Lahore on 27 June on the eve of his 180th death annive ...

3 years ago

Provide your feedback on this article: