A- A A+
Last Updated : Sep 21 2019 1:09AM     Screen Reader Access
News Highlights
Many pressing challenges before international community require stronger global commitment: PM            PM Modi embarks on seven-day US visit tonight            Govt cuts corporate tax rate for domestic investors            World Wrestling C'ships: Bajrang Punia wins bronze medal            Boxing: Amit Panghal becomes first Indian to enter World Men's C'ship finals           

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 20 (Sep) Midday News 20 (Sep) News at Nine 20 (Sep) Hourly 20 (Sep) (2300hrs)
समाचार प्रभात 20 (Sep) दोपहर समाचार 20 (Sep) समाचार संध्या 20 (Sep) प्रति घंटा समाचार 20 (Sep) (2305hrs)
Khabarnama (Mor) 20 (Sep) Khabrein(Day) 20 (Sep) Khabrein(Eve) 20 (Sep)
Aaj Savere 20 (Sep) Parikrama 20 (Sep)

Listen Programs

Market Mantra 20 (Sep) Samayki 20 (Sep) Sports Scan 20 (Sep) Spotlight/News Analysis 20 (Sep) Samachar Darshan 20 (Sep) Radio Newsreel 19 (Sep)
    Public Speak

    Country wide 19 (Sep) Surkhiyon Mein 19 (Sep) Charcha Ka Vishai Ha 18 (Sep) Vaad-Samvaad 3 (Sep) Money Talk 3 (Sep) Current Affairs 20 (Sep)