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NEFT, RTGS Services Get Cheaper Beginning Today

July 02, 2019

NEFT, RTGS Services Get Cheaper Beginning Today

As per the recent RBI norms, fund transfers through NEFT and RTGS systems won’t incur any fee from July 1 onwards, which means that the transactions will become cheaper for the users.

In a new newsletter, Indian Banks’ Association Chairman Sunil Mehta said that the Reserve Bank of India (RBI) has decided to waive off the charges on NEFT and RTGS transactions to promote a digital economy. These are time-varying charges and processing charges that are levied by the central bank towards outward transactions across the two systems.

Photo credit: Got Credit on Visual Hunt / CC BY

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