NEFT was introduced to
India's banking customers in 2005. Over the years, the volumes have
zoomed up with many of our countrymen enjoying the speed of Safe
ePayments.
Way back in 2008,
Reserve Bank of India, rationalized the Service Charges on Electronic
Payment Products.
With the increasing
volumes and keeping in mind the demand from the customers, RBI today,
has announced fresh rationalization of NEFT service charges.
The RBI notification
number is RBI/2012-13/131 DPSS CO (EPPD) /98/04.03.01/2012-13, and
can be viewed here.
-
Value BandMaximum Charges
(exclusive of service tax)Amounts up to `10,000/-`2.50/-Amounts from `10,001/- to `1 lakh`5/-Amounts above `1 lakh up to `2 lakh`15/-Amounts above `2 lakh`25/-
It is observed few banks
are charging customers for NEFT transactions via their Net
banking sites, and the majority of the transactions are below
`10,000/-.
Hence,
to encourage small ticket transactions, RBI has introduced a new slab
of upto `10,000/-
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