To empower every citizen with an exceptional electronic payment experience, RBI has mandated banks not to charge savings account holders for NEFT transactions
Guwahati: The Reserve Bank of India (RBI) recently mandated banks not to charge savings account holders for NEFT transactions which is to be effective from January 2020.
The National Electronic Funds Transfer (NEFT) is an electronic fund transfer system maintained by the RBI which enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis.
The RBI said earlier that it had done away with charges on NEFT and RTGS transactions.
To further empower every citizen with an exceptional electronic payment experience, RBI also declared to “permit all authorised payment systems and instruments (non-bank Payment protection insurance, cards and Unified Payment Interface) for linking with National Electronic Toll Collection (NETC) FASTags. Going forward, this will facilitate the use of FASTags for parking, fuel, etc., payments in an interoperable environment”.
Earlier in August, RBI also declared to make NEFT system for transfer of money on a 24x7 basis from next month.