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Added on : 2019-06-06 15:15:24

The Reserve Bank of India (RBI) on June 6 said it has done away with charges on NEFT and RTGS transactions. The Reserve Bank has also asked banks to pass on this benefit to their customers.

The State Bank of India charges Rs 2.50 for NEFT transactions up to Rs 10,000, Rs 5 for up to Rs 1 lakh, Rs 15 for between Rs 1 lakh and 2 lakh and Rs 25 for about Rs 2 lakh. When it comes to RTGS charges, the SBI charges begin from Rs 25 for an amount of Rs 2 lakh to Rs 5 lakh.

ICICI Bank, HDFC Bank and PNB charge Rs 2.50 plus applicable GST on an amount of Rs 10,000 in NEFT transactions. For amounts above Rs 10,000 to Rs 1 lakh, these banks charge Rs 5 along with applicable GST, Rs 15 plus GST on amounts between Rs 1 lakh and Rs 2 lakh and Rs 25 plus GST on Rs 5 lakh upwards. Their RTGS charges also begin from Rs 25 plus applicable GST.

Meanwhile, the RBI has decided to set up a committee to review the charges levied on the use to ATMs as the usage by the public has been growing significantly. "There have, however, been persistent demands to change the ATM charges and fees," the RBI noted.

The RBI also announced the setting up of a committee involving all stakeholders, under the chairmanship of CEO Indian Banks' Association (IBA). The committee will examine the entire gamut of ATM charges and fees. This committee is scheduled to submit its recommendations within two months of its first meeting.

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