No charges on NEFT, RTGS ; RBI turns accomadative – The Siasat Daily

Banks, in turn, levy charges on their customers.In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, it said. "Banks will be required, in turn, to pass these benefits to their customers.

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“The scale of improvement in the financial conditions index for the current quarter will provide the necessary comfort to the RBI in continuing and further extending the accommodative monetary policy.

To transfer 2 lac to 5 lac through RTGS, you will be charges Rs 5, before that the charge was Rs 20. For 5 lac to 10 lac, you will be charges Rs.10, which was Rs.40 earlier. So these new charges for NEFT, IMPS and RTGS for SBI customers to transfer money online.

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Maximum Rs.2000/- plus out of pocket expenses payable to RBI, if any. On upfront payment of Rs.25000/- for usage of the RTGS facility for the next 12 months, rebate of 50% admissible subject to min. balance Rs.225/- per transaction. Rs.20/- per trans +rbi charges if any.

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With all the six members of the monetary policy committee (mpc) voting unanimously for a rate cut and switching of its stance to "accommodative" from neutral, RBI Governor. doing away with charges.

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But instead of doing so, it allowed the rupee to decline gradually ensuring no. RBI in its annual policy statement for 2011-12. It also admitted that financing of CAD was going to be a challenge as.

Also the charges for NEFT and RTGS for SBI bank are Explained.. a one to one money transfer service by RBI for individuals and corporates.. In Hindi internet banking transaction charge new.