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SBI Waives Charges on RTGS and NEFT Transactions

State Bank of India (SBI), the largest commercial bank in the country has waived RTGS and NEFT charges

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SBI, RTGS, NEFT
In a statement, the bank also announced waiver of charges on IMPS (immediate payment service) effective from August 1. Pixabay

Lending major State Bank of India on Friday said that it has waived charges on RTGS and NEFT transactions with effect from July 1.

In a statement, the bank also announced waiver of charges on IMPS (immediate payment service) effective from August 1.

“In order to provide an impetus to digital funds movement, State Bank of India (SBI), the largest commercial bank in the country has waived RTGS (Real Time Gross Settlement) and NEFT (National Electronics Funds Transfer System) charges for YONO (an integrated digital and lifestyle platform by SBI), internet banking (INB) and mobile banking (MB) customers from July 1, 2019,” it said.

SBI, RTGS, NEFT
Lending major State Bank of India (SBI) on Friday said that it has waived charges on RTGS and NEFT transactions with effect from July 1. Pixabay

The SBI used to charge between Rs 1-5 for transactions through NEFT, and Rs 5-50 for RTGS transactions before July 1.

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The Reserve Bank of India (RBI) decided not to impose charges on RTGS and NEFT transactions on banks from July and also urged the banks to pass on the benefit to the customers. (IANS)

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RBI Removes NEFT, RTGS Payment Charges to Push Digital Transactions

The NEFT system provides for batch settlements at hourly intervals

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Swagbucks offers a quick and easy alternative to making money, and you can do it all from the comfort of home. Pixabay

In a bid to boost digital fund transfer systems, the Reserve Bank on Thursday said that it will remove charges levied on transactions conducted through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

The NEFT system provides for batch settlements at hourly intervals, while RTGS transfers funds from one bank to another on a “real time” and on “gross” basis. Introduced in 2004, RTGS settles all inter-bank payments and customer transactions above Rs 2 lakh.

Both are popular financial transaction systems. Currently, banks charge between Rs 30-55 on RTGS and Rs 2-25 on NEFT fund transfer.

Announcing the plan on the sidelines of the second monetary policy decision, RBI Governor Shaktikanta Das said: “In the area of payment and settlement systems, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems in order to provide an impetus to digital funds movement.”

RBI, NEFT, RTGS
The Reserve Bank on Thursday said that it will remove charges levied on transactions conducted through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). Pixabay

“Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week.”

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The Confederation of All India Traders (CAIT) welcomed the move calling it progressive and said it would encourage digital payments by the business community. (IANS)