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MUMBAI: The Reserve Bank of India on Tuesday said it will waive all charges on fund switch via fashionable RTGS and NEFT systems from July 1 and requested banks to go on the benefits to shoppers from the same day.

The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers whilst the National Electronic Funds Transfer (NEFT) gadget is used for fund transfers of as much as Rs 2 lakh.


Country's greatest bank SBI charges between Re 1 and Rs 5 for transactions via NEFT and between Rs 5 and Rs 50 for RTGS course.

Following up on the announcement made on June 6 after the bi-monthly financial policy evaluation, the RBI said it has reviewed the various charges levied by it on the member banks for transactions processed within the RTGS and NEFT systems.

RBI eliminates charges on NEFT, RTGS transactions

The Reserve Bank of India (RBI) on Thursday determined to not levy charges on RTGS and NEFT transactions. In order to provide an impetus to virtual price range movement, it's been determined to eliminate the fees levied by the Reserve Bank for transactions processed within the RTGS and NEFT systems," the RBI notification learn.


In order to provide an impetus to virtual price range movement, the central bank additional said it's been determined that with effect from July 1, 2019, processing charges and time various charges levied on banks by RBI for outward transactions throughout the RTGS, as also the processing charges for transactions processed in NEFT will probably be waived by the Reserve Bank.


"The banks are recommended to go on the benefits to their shoppers for enterprise transactions the use of the RTGS and NEFT systems with effect from July 1, 2019," it said.


The Reserve Bank levies "minimum charges" on banks for transactions routed via its RTGS and NEFT, and banks, in turn, levy charges on their shoppers.


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