HnExpress Staff Reporter, Kolkata : The Reserve Bank of India (RBI) has decided to do away with charges levied on Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) payments.

“Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” the central bank said in a statement on Thursday.

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 lakhs.

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Currently, the country’s largest bank State Bank of India (SBI) charges between Rs. 1 and Rs. 5 for transactions through NEFT and between Rs. 5 and Rs. 50 for RTGS route.


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