Hotness Now transfer money for free: RBI removes NEFT, ...

Hot Deal Now transfer money for free: RBI removes NEFT, RTGS charges

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In a move to boost digital transactions, the Reserve Bank of India (RBI) on Thursday removed NEFT and RTGScharges from transactions.

RBI has asked banks to inform about the same to customers.

The announcement was made shortly after RBI cut the repo rate to 5.75%, bringing it down from 6%. These decisions were taken by RBI’s Monetary Policy Committee.

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Awesome move!

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Digibank offered it free always

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Not quite sure but I as far as I know, I was never charged for NEFT or RTGS. I usually used ICICI bank.

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Roushh wrote:

Not quite sure but I as far as I know, I was never charged for NEFT or RTGS. I usually used ICICI bank.

You must be having privileged account otherwise it isn’t free..

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sardasa wrote:

You must be having privileged account otherwise it isn’t free..

Oh… That’s right. I have a privileged account.

That’s why there were no charges. I transferred as low as 25 rupees. I thought it is free.

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This indicates that UPI will also remain free for long time.

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rajrocks wrote:

has this been implemented by banks? i still see the charges at icici site https://www.icicibank.com/Personal-Banking/onli...

I thought these charges were by the banks as bank charges. Even if RBI removes their charges there are still bank charges so its not free.

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alienteck wrote:

I thought these charges were by the banks as bank charges. Even if RBI removes their charges there are still bank charges so its not free.

if one bank starts to remove others would have to follow.

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rajrocks wrote:

if one bank starts to remove others would have to follow.

What I am saying is, the banks always have a way out. They will just increase service charges. Its how they have always looted the customers.

They will always give free privileges to select customers.. Like if you have 1L in your account etc.. But the rest of us will have to pay almost the same and for everything.

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We should see them being free in some time. Else, RBI will send out a order asking them to implement it.

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But they charge when transfer through IMPS

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IMPS is free as well?

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arunaalmane14 wrote:

But they charge when transfer through IMPS

IMPS or RTGS is for current account holders. They have large amount transfer limits in compare to UPI or NEFT.

While normal size for UPI is about 1000 on average, IMPS was 100 times more even though it is chargeable.
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marketdimer wrote:

Charges will remain though amount charged by RBI is removed. RBI takes a small amount for transfer which is removed.

basically this charges were charged by rbi coz all these txns were happening on rbi servers and not on bank servers and banks made a profit by adding their own charges (as service charges) to the rbi charges and charges the customers. but now when rbi is making it free i believe banks should also make it free though as u said they can still charge as service charge. but if one bank makes it free ten others would have to follow.

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marketdimer wrote:

Charges will remain though amount charged by RBI is removed. RBI takes a small amount for transfer which is removed.

basically this charges were charged by rbi coz all these txns were happening on rbi servers and not on bank servers and banks made a profit by adding their own charges (as service charges) to the rbi charges and charges the customers. but now when rbi is making it free i believe banks should also make it free though as u said they can still charge as service charge. but if one bank makes it free ten others would have to follow.

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alienteck wrote:

What I am saying is, the banks always have a way out. They will just increase service charges. Its how they have always looted the customers.

They will always give free privileges to select customers.. Like if you have 1L in your account etc.. But the rest of us will have to pay almost the same and for everything.

i got u bro but rbi will make them free but basically this charges were charged by rbi coz all these txns were happening on rbi servers and not on bank servers and banks made a profit by adding their own charges (as service charges) to the rbi charges and charges the customers. but now when rbi is making it free i believe banks should also make it free though as u said they can still charge as service charge. but if one bank makes it free ten others would have to follow.

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