NEFT Guidelines: Now NEFT is expensive from the bank, RBI proposed, see update

NEFT Fee Payment : All banks across the country have increased the processing fee on National Electronic Funds Transfer (NEFT) ie NEFT transactions. In this regard, the Central Reserve Bank of India has proposed to increase the charge on payment systems.

Now this will charge
NEFT transactions above Rs 2 lakh will attract a charge of Rs 25. According to the proposal issued by RBI, in the current system, RBI does not charge any processing fee on NEFT transactions from member banks. But now banks have been asked not to charge any charges for online NEFT transactions from savings account holders.

new suggestion
The command of NEFT service rests with RBI. She operates and regulates it. According to the rules, the central bank RBI can charge banks for NEFT transactions. There is no new suggestion for IMPS and RTGS transactions in this proposal.

Bank branch fee recommendation
RBI in its proposal has recommended charges for NEFT transactions through bank branches. For example, for transactions up to Rs 10,000, Rs 2.5 will have to be paid. On the same transaction from Rs 10,000 to Rs 1 lakh, Rs 5 will be charged. Rs 15 will be charged for transactions between Rs 1 to Rs 2 lakh. For transactions above Rs 2 lakh, Rs 25 will be charged.

How to do NEFT and RTGS
For NEFT and RTGS, you have to fill a form in the bank which is called NEFT or RTGS Fund Transfer Request Form. In this, you have to fill the name, account number, bank name, IFSC and amount of the money to whom you want to send. With this form, you should also attach a check of the same amount. After that deposit it in the bank and your money will be transferred through NEFT or RTGS. For this you also have to pay some fee to the bank.

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