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Charges on NEFT/RTGS Removed by Central Bank, Customers to Benefit

June 08, 2019

Charges on NEFT/RTGS Removed by Central Bank, Customers to Benefit

To push digital payments in India, the Reserve Bank of India (RBI) has removed charges on funds transferred via NEFT and RTGS channels. It’s also asked the banks to pass on the benefits to their customers.

Today, public and private sector banks charge a few rupees for NEFT transactions and up to ₹50 for RTGS transactions. This is because of the central bank levies minimum charges on these transactions for the banks which in turn levy charges for their customers.

Photo credit: Got Credit on Visual Hunt / CC BY

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