The Reserve Bank of India has, in consultation with stakeholders, rationalised charges that banks can levy on customers for transfer of funds through National Electronic Funds Transfer (NEFT). Now banks can levy not more than Rs 2.50 (exclusive of service tax) for funds transfer upto Rs 10,000 of funds transfers made electronically.
Charges for transfers beyond this limit would remain unchanged, that is, Rs 5 for transfers between Rs 10,001 to Rs 1 lakh; Rs 15 for transfers between Rs 1 lakh and above and upto Rs 2 lakh; and Rs 25 for transfers beyond Rs 2 lakh. These charges would become effective from August 1, 2012. The customer charges were last revised in November 2010.
Explaining the revision, the Reserve Bank has stated that NEFT transactions have grown exponentially in the recent years. It is desirable that the benefits accruing on account of increasing volume of transactions are passed on to the customers in the form of lower charges. This would also incentivise greater use of the electronic payment system. Further, it is considered necessary to provide the large number of people being covered under the financial inclusion programme with an efficient and affordable remittance mechanism like the NEFT.
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