No charges On NEFT and RTGS Transactions: RBI

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The RBI decision to make RTGS and NEFT free from charges will benefit lakhs of users who conduct online transaction. New Delhi: The Reserve Bank of India, announcing its second bi-monthly monetary policy of 2019-20 on Thursday said that it has decided to do away with charges levied on National.

Banks, in turn, levy charges on their customers. In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, it said. "Banks will be required, in turn, to pass these benefits to their customers.

No charges to be levied on RTGS and NEFT transactions, says RBI RBI has also decided to set up a Committee involving all stakeholders, under the chairmanship of CEO Indian Banks’ Association (IBA.

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RBI has decided to do away with charges on NEFT and RTGS transactions and in turn asked banks to pass on the benefit to customers. This implies that in near future either such payment modes will.

“With a view to push the digital transaction, the RBI has decided not to charge the RTGS and NEFT transactions. This would help banks reduce the fees from customers for these transactions,” Indian.

The move has come as to encourage digital funds. Previously, RBI used to levy minimum charges on banks for transactions routed through its RTGS and NEFT system, while the banks, in turn, imposed.

Q.11. What are the processing or service charges for NEFT transactions? Ans: The structure of charges that can be levied on the customer for NEFT is given below: a) Inward transactions at destination bank branches (for credit to beneficiary accounts) – Free, no charges to be levied on beneficiaries

After reviewing various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems, RBI has asked banks to pass on the benefits to the customers with immediate.

Charges Applicable on the transaction before the RBI Waive off of transaction charges decision . As both RTGS and NEFT system of the online transaction are maintained by RBI, so it has not levied heavy charges over the transaction and according to RBI, banks cannot charge for inward remittance or on receipt of funds.