RBI scraps charges on NEFT and RTGS Transfers
The Reserve Bank of India (RBI) s scrapped the charges on fund transfers through RTGS and NEFT. The RBI has taken the decision to boost digital transactions and asked banks to pass on the benefits to customers.
NEFT and RTGS
Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) are the bank transfer devices that allows an individual to transfer funds electronically from one account to another.
RTGS is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers up to Rs 2 lakh.
NEFT settlements happen in batches. As a result, there might be a slight delay for the actual transfer to take place from the time you place the request for transfer. Whereas RTGS transactions happen in real time, hence the beneficiary bank receives the instruction to transfer funds immediately and the transfer is instantaneous.
The minimum amount that can be remitted through RTGS is Rs 2 lakh, and there s no upper ceiling. While NEFT does not have a minimum transfer limit, the limit per transaction is Rs 10 lakh with no upper limit on the number of transactions.
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