Electronic transfers of fund upto Rs 10,000 for Rs 2.5 from August
To promote cashless transactions, the Reserve Bank of India slashed charges for electronic transfer of funds for smaller amounts of upto Rs 10,000.
From August 1, transfer of funds not over Rs 10,000 from one account to another account through National Electronic Funds Transfer (NEFT) system, will attract maximum charge of Rs 2.50 per transaction, RBI said in a notification.
As per the existing fee structure, e-transfer of fund up to Rs 1 lakh attracts a maximum charge of Rs 5 per transaction.
As per the new notification, a new slab of payment upto Rs 10,000 has been included to promote small value transactions in cashless mode.
“It is desirable that the benefits accruing on account of increasing volume of transactions are passed on to the customers so as to incentivise greater use of the electronic payment system in place of cumbersome paper-based mechanism like cheques or demand drafts,” RBI said.
However, charges for transfers beyond Rs 10,000 limit would remain unchanged.