Home > Banks, Finance, India > NEFT Transaction Fee from 01-Apr-2009

NEFT Transaction Fee from 01-Apr-2009

Have you used NEFT online? While RBI has waived the processing charges till March 31, 2009. With a view to rationalize the service charges levied by banks for offering various electronic products, a broad framework has been mandated as under: –

a) Inward transactions – Free, no charge to be levied
b) Outward transactions –
Upto Rs. 1 lakh – not exceeding Rs.5 per transaction.
Rs. 1 lakh and above – not exceeding Rs. 25 per transaction.

National Electronic Funds Transfer (NEFT) system is a nation wide funds transfer system in India, to facilitate transfer of funds from any bank branch to any other bank branch.

Source: NEFT FAQ Page on RBI Website

Categories: Banks, Finance, India
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