The Reserve Bank of India (RBI) on Thursday removed bank charges on NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) transactions.
“In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said in a statement.
Currently, State Bank of India (SBI) charges Rs 25 for RTGS transactions up to Rs 5 lakh and Rs 50 for transactions of more than Rs 5 lakh.
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