To boost digital transactions, the RBI has done away with all the charges on fund transfer via RTGS and NEFT. With this step, customers will have to shell out lower charges for fund transfer from today i.e. July 1.
The RBI has asked the member banks to pass on the transfer of this waiver to bank customers on an immediate basis.
NEFT is used for transfer of funds aggregating up to Rs. 2 lakh while RTGS is for high-valued transactions of over Rs. 2 lakh.
Also, the RBI has decided that from today time varying and processing charges levied by the central bank on member banks for outward transactions via the RTGS and the processing charges for transactions carried out via NEFT will be done away.