The fund transfer through RTGS and NEFT will become cheaper from today. This is because as the Reserve Bank of India (RBI) has announced that it will not impose any charge on such transfer.
The RBI has earlier announced that it will waive all charges on fund transfer through RTGS and NEFT from July 1. The apex bank also urged the member banks to pass the benefit to customers on the same day.
At Present, the RBI imposes a minimum charge on banks for transactions routed through its RTGS and NEFT system. Banks, in turn, levy charges on their customers.
The Real-Time Gross Settlement (RTGS) is intended for large-scale instantaneous fund transfer. The National Electronic Funds Transfer(NEFT) is for fund transfers up to 2 lakh rupees.
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