The Reserve Bank of India has announced rationalised charges that banks levy on customers for
transferring funds online, through National Electronic Funds Transfer (NEFT).
According to the new revision, a new slab of transaction amount upto Rs 10,000
has been created, for online fund transfers. As per RBI notification, now banks
can not charge more than Rs 2.50 (exclusive of service tax) for online fund
transfer upto INR 10,000. However, charges for transfers beyond Rs 10,000 would
remain the same, at INR 5 for transfers between Rs 10,001 to Rs 1,00,000, Rs 15
for transfers between INR 1,00,000 and INR 2,00,000; and Rs 25 for transfers
above Rs 2,00,000. The new charges will come into effect starting August 1st
2012.
|
Value
Band (Amount in INR)
|
Maximum
Charges (exclusive service tax)
|
|
Up to 10,000
|
INR 2.50
|
|
Up to 10,001 to 1 lakh
|
INR 05
|
|
Above 1 lakh to 2 lakh
|
INR 15
|
|
Above 2 lakh
|
INR 25
|
This move is aimed at promoting
greater use of the electronic payment system and providing the large number of
people being covered under the financial inclusion programme with an efficient
and affordable remittance mechanism.
The apex bank said in its notification ‘as NEFT transactions had
grown exponentially in the past few years, the benefits accruing on account of
increasing volume of transactions could be passed on to the customers through
lower charges, boosting greater use of the electronic payment system’.
NEFT is a nation-wide payment system facilitating one-to-one
funds transfer. Through this scheme, individuals, firms and corporates can
electronically transfer funds from any bank branch to any individual, firm or
corporate having an account with any other bank branch in the country
participating in the scheme.There is no limit either minimum or maximum on the
amount of funds that could be transferred using NEFT. However, the maximum
amount per transaction is limited to Rs 50,000 for cash-based remittances and
remittances to Nepal. Earlier in July this year, former Finance Minister,
Pranab Mukherjee, had asked public sector banks to follow the decision taken by
Oriental Bank of Commerce (OBC) to waive all charges for all net based real
time gross settlement/NEFT transactions up to INR 1 lakh.
en by Oriental Bank of Commerce (OBC) to waive all charges for all
net based real time gross settlement/NEFT transactions up to INR 1 lakh.
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