New Delhi : Users who make fund transfers via RTGS and NEFT will not have to pay additional charges anymore.Reserve Bank of India (RBI) in its bi-monthly meet of the Monetary Police Committee (MPC) decided to remove all charges levied on Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) System.
RBI said that the move made by them was to give an impetus to digital funds movement.
As of now, the RBI levies minimum charges on banks for transactions routed through its RTGS, meant for large value instantaneous fund transfers and the NEFT System for other fund transfers. Banks, in turn, levy charges on their customers.
No more extra charge to be applied on NEFT and RTGS services
Going forward, banks will be required to pass on these benefits to their customers. The RBI said that instructions to banks in this regard will be issued within a week.
RTGS is a payments system in which transactions – or wire transfers –are processed continuously throughout applicable business hours. On the other hand, in case of NRFT or national electronic funds transfer, the transactions are received up to a particular time are processed in batches.