NEFT transfers

NEFT transfers News

RBI removes charges on RTGS/NEFT transactions; asks banks to pass on benefits

The Real Time Gross Settlement System (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.

Explained: How NEFT works, why RBI has suggested 24×7 money transfer

If RBI makes NEFT 24x7, it will not only ease the fund transfer for customers round the clock but will also take some load-off the bank branches for executing such transactions.


SBI reduces NEFT, RTGS charges upto 75%

The reduced charges on NEFT and RTGS will be applicable on the transactions done through internet banking and mobile banking services offered by the bank, the bank said in an official statement here on Thursday.