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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Digibank offered it free always
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..
This indicates that UPI will also remain free for long time.
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.
We should see them being free in some time. Else, RBI will send out a order asking them to implement it.
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.
IMPS is free as well?
Awesome move!