RBI asks banks to waive NEFT charges

The Reserve Bank of India has asked all the banks to waive charges levied for National Electronic Funds Transfer (NEFT) for online transactions, with a view to boost digital payments.

“To give further impetus to digital retail payments, it has now been decided that member banks shall not levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online (viz. Internet banking and/or mobile apps of the banks,” RBI said. The rules are effective January 1, 2020. Banks used to charge about ₹5 for NEFT transactions between ₹10,000 and ₹1 lakh, ₹15 for transactions between ₹1 lakh up to ₹2 lakh and ₹25 for the ₹2 lakh-₹5 lakh range.

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Printable version | Feb 28, 2020 9:11:50 AM |

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