Mumbai: Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India (RBI) decided it will not impose any charges on such transactions. The Real-time Gross Settlement (RTGS) system is meant for large-value instantaneous fund transfers, while the National Electronic Funds Transfer (NEFT) system is used for fund transfers of up to ₹2 lakh. "With a view to push the digital transaction, the RBI has decided not to charge the RTGS and NEFT transactions. The country's largest bank SBI charges between Re 1 and ₹5 for transactions through NEFT and between ₹5 and ₹50 for RTGS route. Currently, the RBI "levies minimum charges" on banks for transactions routed through its RTGS and NEFT system.

Source: Mint June 30, 2019 10:18 UTC