• Kanika Chauhan

Online fund transfer via NEFT/RTGS made free

The Reserve Bank of India has said that it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day.

The Reserve Bank levies “minimum charges” on banks for transactions routed through its RTGS and NEFT, and banks, in turn, levy charges on their customers.

The Real Time Gross Settlement System (RTGS) 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.

Following up on the announcement made on June 6 after the bi-monthly monetary policy review, the RBI said it has reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems.

“The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019,” it said.

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