Updated By: LatestGKGS Desk
Reserve Bank of India planning to waive off net banking charges
Finance Ministry on Wednesday asks Banks to waive off net banking charges done through IMPS and NEFT
The banks charges on the transfer of funds above Rs.1000 and the ministry has asked the banks to waive off this charge.
According to the rules laid down by RBI banks charges Rs.2.5 on transfer of funds less than Rs.10,000 while more than Rs.10,000 to 1 lakh, banks charge Rs.5.
In addition to the transfer fees, banks also charge service free from the customers.
RBI also asks banks to provide 50 paise discount on transfer of funds more than 10,000
The Finance Ministry has also asked the banks to provide 50 paise discount on transfer of funds more than 10,000 on transactions done through Unstructured Supplementary Service Data (USSD).
The USSD fees is Rs.1.5 which the government has waived off till 30th December 2016.
Through IMPS inter-bank electronic transfer can be done especially through mobile phones without debit card, wallet, IFSC code etc.
