RTGS and NEFT transaction charges to drop with RBI removing their fees

[Sushubh]

RBI scraps charges on NEFT, RTGS transfers - Business News

your bank may take some time to pass this benefit to you so be careful.

 

[Smh]

so this will only reduce charges ? as RBI won't take their cut but banks will still charge to cover cost of providing online service.

 

[Sushubh]

The central bank asked consumer banks to pass on this benefit to customers, essentially asking banks to NEFT and RTGS transfers free of cost.

Unclear 🤔

 

[Sushubh]

RTGS, NEFT charges to come down, money transfer to get cheaper

The transaction cost comprises two components—RBI’s charges plus banks’ services charges based on the infrastructure cost they incur. While share of RBI’s levy is expected to go away, bank charges would continue to exist.

 

[Smh]

yes that mentioned in first article too

they should work more on fraud protection

 

[Navjot Singh]

SBI waives RTGS, NEFT, IMPS charges

State Bank of India has waived charges on NEFT and RTGS transactions through internet and mobile banking from July 1, after the RBI decided to do away with the charges with an aim to move the country towards less-cash economy.

The country’s largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1.

 

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[Sushubh]

so imps through their website would remain paid?