A- A A+
Last Updated : Aug 21 2019 11:51PM     Screen Reader Access
News Highlights
INX Media Scam: CBI arrests P. Chidambram            Hospitals, Banks and Schools in Jammu and Kashmir functioning smoothly            India, Russia reiterate their long-standing position of mutual support for each other's Sovereignty and non-interference of third party            Nearly 40 lakh people avail cashless treatment under Ayushman Bharat Scheme till now            ISRO successfully carries out second Lunar bound orbit manoeuvre for Chadrayaan-2           

National News

Jul 01, 2019
7:15AM

Fund transfer through RTGS, NEFT set to get cheaper from today

File Pic: PTI
Fund transfer through Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems is set to become cheaper after the Reserve Bank of India 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 today, RBI has also asked banks to pass on the benefits to customers from the same day. 

The transaction cost comprises two components-RBI’s charges plus banks’ services charges based on the infrastructure cost they incur. 

While the share of RBI’s levy goes away, bank charges would continue to exist.

The Real-Time Gross Settlement system is meant for large-value instantaneous fund transfers, while the National Electronic Funds Transfer system is used for fund transfers of up to 2 lakh rupees.

According to Indian Banks' Association Chairman Sunil Mehta, with a view to push the digital transaction, the RBI has decided not to charge on RTGS and NEFT transactions. He stated that the move will help banks reduce the fees from customers for these transactions.

Live Twitter Feed

Listen News

Morning News 21 (Aug) Midday News 21 (Aug) News at Nine 21 (Aug) Hourly 21 (Aug) (2000hrs)
समाचार प्रभात 21 (Aug) दोपहर समाचार 21 (Aug) समाचार संध्या 21 (Aug) प्रति घंटा समाचार 21 (Aug) (2200hrs)
Khabarnama (Mor) 21 (Aug) Khabrein(Day) 21 (Aug) Khabrein(Eve) 21 (Aug)
Aaj Savere 21 (Aug) Parikrama 21 (Aug)

Listen Programs

Market Mantra 21 (Aug) Samayki 21 (Aug) Sports Scan 21 (Aug) Spotlight/News Analysis 21 (Aug) Samachar Darshan 21 (Aug) Radio Newsreel 20 (Aug)
    Public Speak

    Country wide 1 (Aug) Surkhiyon Mein 1 (Aug) Charcha Ka Vishai Ha 21 (Aug) Vaad-Samvaad 20 (Aug) Money Talk 20 (Aug) Current Affairs 16 (Aug)