Electronic Fund transfers via NEFT & RTGS are now Free in India

Electronic Fund transfers via NEFT & RTGS are now Free in India

Fund transfer through RTGS and NEFT systems have become ‘Free’ from today after the RBI decided it will not impose any charges on such transactions.

After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India had also asked banks to pass on the benefits to customers.

The real-time gross settlement (RTGS) system is meant for large-amount instantaneous fund transfers, while the national electronic fund’s transfer (NEFT) system is used for fund transfers of up to Rs 2 lakh only.