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NEFT, RTGS Services Get Cheaper Beginning Today
July 02, 2019
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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