RTGS service charges for members –
w.e.f 01/oct/2011. Are you aware of it?
Reserve
Bank of India, DPSS, vide Notification No.RBI/2011-12/166,DPSS (CO) RTGS No.388/04.04.002/2011-2012,
dt.September 05, 2011, has sought to introduce RTGS Service charges for
members.
The
notification can be accessed @ http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6698&Mode=0
The
main aim for the charges is twofold:-
01)
Recovery of operational costs;
02)
To bring in further efficiency in the operations and the
liquidity flows in the RTGS system.
The
second one is more important, and the various participants in the RTGS cycle
i.e Remitting Banks, Remitting customers, Beneficiary Banks, Beneficiary Banks
will take some time to adapt to.
The
charges comprise of 3 components,
(i)
Membership fee,
(ii)
Transaction fee and
(iii)
Time-varying tariff.
Yes,
you have read it right, time-varying tariff. Time-varying tariff is common
across other service industries, but this is the first of its kind in the
banking industry.
The
time-varying tariff is as under:-
|
Block
|
Time of settlement at the Reserve Bank of
India
|
Charge per transaction
|
|
|
From
|
To
|
||
|
1
|
09:00 hours
|
12:00 hours
|
Nil
|
|
2
|
After 12:00 hours
|
15:30 hours
|
Rs 1.00
|
|
3
|
After 15:30 hours
|
17:30 hours
|
Rs 5.00
|
|
4
|
After 17:30 hours
|
|
Rs 10.00
|
The
maximum charges that can be recovered from the customers including the
time-varying tariff is,
|
RTGS Transaction
|
Maximum customer charges
|
|
Inward transactions
|
Free
|
|
Outward transactions
|
|
|
Rs.2 lakh to Rs.5 lakh
|
Rs.25 + applicable time varying tariff subject to a maximum of
Rs.30/-.
|
|
Above Rs.5 lakh
|
Rs.50 + applicable time varying tariff subject to a maximum of
Rs.55/-.
|
In
my next post, will discuss in detail about the contents of this notification.
