InvestorQ : Is it true that there will be no NEFT charges on banks from the next year onwards as per the latest RBI announcement?
swati Bakhda made post

Is it true that there will be no NEFT charges on banks from the next year onwards as per the latest RBI announcement?

Answer
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Moii Chavate answered.
11 months ago


That is correct. Effective January 2020, there will be no charges for NEFT transfer of funds. Currently, while NEFT transfers are free of cost for wealth and HNI accounts, the retail accounts are chargeable at a fixed rate. However, effective from January 2020 all NEFT transfers and RTGS transfers will not attract any costs. This will not apply to IMPS transferrs which may entail some charge. As of now UPI transactions are anyways free of charge.