Fund transfer via RTGS, NEFT set to get cheaper from Monday
5 years, 6 months ago

Fund transfer via RTGS, NEFT set to get cheaper from Monday

India TV News  

Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the Reserve Bank of India decided it will not impose any charges on such transactions. After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India had also asked banks to pass on the benefits to customers from the same day. To provide an impetus to digital funds movement, the central bank had decided to do away with the processing charges and time-varying charges levied on banks by the RBI for outward transactions through the RTGS, as also the processing charges for transactions processed in NEFT will be waived by the Reserve Bank of India. Currently, the RBI "levies minimum charges" on banks for transactions routed through its RTGS and NEFT system.

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History of this topic

NEFT, RTGS update: RBI introduces name lookup facility to verify beneficiaries
1 week ago

NEFT, RTGS update: RBI introduces name lookup facility to verify beneficiaries

Live Mint  

NEFT, RTGS update: The Reserve Bank of India will introduce the beneficiary account name look-up facility for the Real Time Gross Settlement System and National Electronic Funds Transfer System. The RBI stated in a statement on December 30, “Currently, the Unified Payments Interface and Immediate Payments Service systems enable a remitter to verify the name of the beneficiary before initiating …

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS
1 year, 7 months ago

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS

Live Mint  

The Reserve Bank of India's proposed lightweight payment and settlement system will introduce a paradigm shift in the Indian payment landscape. The need for lightweight payment and settlement system The central bank said that this payment system can be operated from anywhere by a bare minimum staff in order to be prepared to face extreme situations such as natural calamities …

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions
1 year, 10 months ago

RBI modifies NEFT, RTGS systems to accommodate FCRA transactions

India TV News  

The Reserve Bank of India has introduced new changes in NEFT and RTGS systems for Foreign Contribution Act related transactions. Contributions to the FCRA are received directly from foreign banks through SWIFT and through Indian intermediary banks through the NEFT and RTGS systems. The RBI has asked banks to make necessary changes in their core banking/middleware solutions to capture the …

How RTGS and NEFT has changed digital payment scenario in India
2 years, 4 months ago

How RTGS and NEFT has changed digital payment scenario in India

Firstpost  

India has made astounding progress in the payment ecosystem and has outrun the rest of the nations in terms of volume, value and the real-time nature of payments Automation, digitalisation and information technology have completely transformed the world’s industries and enterprises. The Reserve Bank of India has been patronizing the largest clearing and settlement system in the globe and reaped …

PNB Customers Alert! PNB Hikes MCLR Rates, NEFT, RTGS, Other Service Charges
2 years, 7 months ago

PNB Customers Alert! PNB Hikes MCLR Rates, NEFT, RTGS, Other Service Charges

News 18  

PNB Rules Change: Punjab National Bank has revised several of its banking and non banking charges. Here are the tenor-wise MCLR effective from June 1, 2022, as per the PNB website: Over night: Old rate — 6.60 per cent; New rate — 6.75 per cent One Month: Old rate — 6.65 per cent; New rate — 6.80 per cent Three …

SBI Customers ALERT! This Rule is Set to Change From Next Month; Details Here
2 years, 11 months ago

SBI Customers ALERT! This Rule is Set to Change From Next Month; Details Here

News 18  

SBI Rules Change: From next month, customers of India’s largest public sector lender, the State Bank of India, will not have to pay any service charges on on IMPS transactions up to Rs 5 lakh done digitally, that is though internet banking, mobile banking and YONO. SBI IMPS, NEFT, RTGS Rules Change: What Notification Says “In an aim to encourage …

Online Money Transfer: IMPS, NEFT, RTGS Transaction Limit, Timings, All you Need to Know
3 years, 2 months ago

Online Money Transfer: IMPS, NEFT, RTGS Transaction Limit, Timings, All you Need to Know

News 18  

The Reserve Bank on India or the RBI has recently raised the the limit of the Immediate Payment Service from Rs 2 lakh to Rs 5 lakh per transaction. “Immediate Payment Service offers instant domestic funds transfer facility 24×7 through various channels. Increased IMPS limit will not only increase customer experience but also solve more complex problems like credit and …

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You
3 years, 8 months ago

RTGS Facility To Be Unavailable For 14 Hours On April 18; How It Will Affect You

News 18  

The Reserve Bank of India on Monday announced that the money transfer facility, Real Time Gross Settlement System, will be unavailable for 14 hours from 00:00 to 14:00 hours on Sunday, April 18, in lieu of a technical upgrade to enhance the resilience of the system. The country’s central bank and regulatory body under the jurisdiction of Ministry of Finance, …

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das
3 years, 9 months ago

NEFT, RTGS money transfer services extended beyond banks: RBI Governor Shaktikanta Das

India TV News  

The Reserve Bank of India on Wednesday extended National Electronic Funds Transfer and Real-Time Gross Settlement facilities beyond banks. RBI Governor Shaktikanta Das announced that the services can now be used by non-bank payment operators as well. Now, the issuers of Prepaid Payment Instrument, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use these two …

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das
3 years, 9 months ago

RTGS, NEFT money transfer facilities extended beyond banks: RBI chief Shaktikanta Das

Live Mint  

Reserve Bank of India on Wednesday extended the National Electronic Funds Transfer and Real-Time Gross Settlement facilities to non-bank payment system operators. Now, Prepaid Payment Instrument issuers, card networks, White label ATM operators and Trade Receivables Discounting System platforms can use NEFT and RTGS modes. It is now proposed to enable non-bank payment system operators like Prepaid Payment Instrument issuers, …

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
3 years, 9 months ago

RBI extends NEFT, RTGS money transfer facility beyond banks. Details here

India Today  

The Reserve Bank of India on Wednesday said that National Electronic Funds Transfer and Real-Time Gross Settlement facilities will be extended to non-bank payment system operators. With RBI’s announcement, these money transfer systems will be extended to Prepaid Payment Instrument issuers, card networks, white-label ATM operators and Trade Receivables Discounting System platforms. It is now proposed to enable non-bank payment …

3 important things to know about RTGS fund transfer facility
3 years, 9 months ago

3 important things to know about RTGS fund transfer facility

Live Mint  

RTGS or Real-Time Gross Settlement is a money transfer facility where there is a continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis. Real time, in this case, means processing of instructions at the time they are received, while gross settlement means the settlement of funds transfer instructions occurs individually. The processing of RTGS is different from the …

RTGS money transfer facility to be operational 24x7: Important points
4 years ago

RTGS money transfer facility to be operational 24x7: Important points

India Today  

The Real-Time Gross Settlement System money transfer facility will now be operational 24—7 from 00: 30hours on December 14th, said RBI Governor Shaktikanta Das on Sunday. RTGS facility becomes operational 24X7 from 12:30 am tonight: RBI Governor Shaktikanta Das pic.twitter.com/pJaxgmh978 — ANI December 13, 2020 With the RTGS facility being made available 24x7, India will become one of the few …

RTGS Timings and How it Will Make Banking Easier for You
4 years, 1 month ago

RTGS Timings and How it Will Make Banking Easier for You

News 18  

In October this year, the Reserve Bank of India had announced that the Real Time Gross Settlement System, which is put into use for large value transactions, will be available round-the-clock from December 2020. Shaktikanta Das, the governor of the Reserve Bank of India, announced this development and said that customers will now be able to avail round-the-clock availability of …

RTGS To be Made 24X7 from December 14, New Limit for Contactless Card Transactions Now Rs 5,000: RBI
4 years, 1 month ago

RTGS To be Made 24X7 from December 14, New Limit for Contactless Card Transactions Now Rs 5,000: RBI

News 18  

In a bid to give a push to digital payments, the Reserve Bank on Friday announced a slew of measures including enhancing the limit for contactless card transactions to Rs 5,000 and making RTGS transaction facility available round the clock from December 14. The RBI also decided to increase the limit for contactless card transactions to Rs 5,000 from Rs …

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor
4 years, 1 month ago

RTGS to Be Made Available 24X7 in Next Few Days, Says RBI Governor

News 18  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24×7 in the next few days… with this enablement, it is proposed to …

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor
4 years, 1 month ago

Fund Transfer: RTGS to be made available 24X7 in next few days, says RBI Governor

India TV News  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said RTGS system will soon be made available 24x7 in the next few days. In order to expand adoption of digital …

RTGS to be made available 24X7 in next few days: RBI Governor
4 years, 1 month ago

RTGS to be made available 24X7 in next few days: RBI Governor

The Hindu  

In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement system, used for large value transactions, will be made available round-the-clock in the next few days. RBI Governor Shaktikanta Das said, “RTGS system will soon be made available 24x7 in the next few days. with this enablement, it is proposed to …

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000
4 years, 1 month ago

RBI: Large fund transfers to be 24/7, contactless card payment hiked to ₹5,000

Live Mint  

MUMBAI: Customers will soon be able to transfer funds through real-time gross settlement will be available round-the-clock in the next few days, Reserve Bank of India governor Shaktikanta Das said on Friday. Real time means the processing of instructions at the time they are received and gross settlement implies that settlement of funds transfer instructions occurs individually. RBI had allowed …

Online bank transactions: RTGS to be available round-the-clock from December 2020
4 years, 1 month ago

Online bank transactions: RTGS to be available round-the-clock from December 2020

India Today  

The Reserve Bank of India in October 2020, had announced that Real Time Gross Settlement System, used for large value transactions, will be made available round-the-clock and this rule will be implemented from December 1, 2020. Announcing the bi-monthly RBI Monetary Policy decision, the RBI Governor Shaktikanta Das stated, prospects will get round the clock availability of the Actual Time …

RBI keeps repo rate unchanged at 4%; GDP to contract by 9.5% in current FY, says Shaktikanta Das
4 years, 3 months ago

RBI keeps repo rate unchanged at 4%; GDP to contract by 9.5% in current FY, says Shaktikanta Das

Firstpost  

The central bank has also kept the door open for lowering rates further by retaining an ‘accommodative’ policy stance, for as long as needed, to support growth, said the RBI governor Mumbai: The Reserve Bank of India left key interest rates unchanged on Friday but signalled more easing ahead to support an economy that it sees contracting 9.5 percent in …

RTGS payments to become 24x7 from December: All you need to know
4 years, 3 months ago

RTGS payments to become 24x7 from December: All you need to know

India Today  

Reserve Bank of India Governor Shaktikanta Das on Friday announced that the large-value Real Times Gross Settlement System system for payments will be available round the clock or 24x7 from December 10, 2020. Here is all you need to know about RTGS payments: 1) The RTGS system is primarily for large value transactions and it has no upper payment cap. …

NEFT or IMPS for fund transfer: A comparison to help you make the right choice
5 years ago

NEFT or IMPS for fund transfer: A comparison to help you make the right choice

India TV News  

Fund transfer is one of the most important processes which keeps a business running. Though there are several ways available through which such transactions can be made, however, two ways out of the existing ones which include — NEFT and IMPS are among the most used methods for transferring funds. Though all these three ways are among most used by …

Paytm becomes only app offering NEFT transactions 24/7
5 years ago

Paytm becomes only app offering NEFT transactions 24/7

India TV News  

With the Reserve Bank of India making online NEFT transfers 24/7 on all days including weekends and holidays from Monday, India's digital payment leader Paytm has become the only payments app offering three ways to pay 24x7 seamlessly, within the same "Money Transfer" flow via UPI, IMPS and now NEFT mode. Millions of users can pay up to Rs 10 …

NEFT money transfer available 24x7 from today. Check new charges, timing and all other details
5 years ago

NEFT money transfer available 24x7 from today. Check new charges, timing and all other details

India TV News  

NEFT is a handy way to speedily transfer money and there's good news for NEFT users as they can now use the facility 24x7. New NEFT Timings: Settlement of NEFT money transfers will now take place every half hour. Settlement of the first batch will take place at 12:30 am on a particular day while the last batch of NEFT …

NEFT transfer available 24x7 from today. Check new timings, limit and charges
5 years ago

NEFT transfer available 24x7 from today. Check new timings, limit and charges

Live Mint  

You do not have to look at your watch or calendar while transferring money online from today as the Reserve Bank of India has allowed National Electronic Funds Transfer facility available for 24 hours a day and 365 days a year. The RBI has decided to make NEFT money transfer facility available not just for 24 hours a day but …

RBI asks banks not to charge savings bank account holders for NEFT transactions from 1 January
5 years, 2 months ago

RBI asks banks not to charge savings bank account holders for NEFT transactions from 1 January

Firstpost  

Mumbai: Come January 2020, and customers may not have to pay any charges for transactions done through the popular NEFT system. During the same period, the National Electronic Funds Transfer and Unified Payments Interface systems handled 252 crore and 874 crore transactions with year on year growth of 20 percent and 263 percent, respectively. “This rapid growth in the payment …

No charges on NEFT online money transfer from January
5 years, 2 months ago

No charges on NEFT online money transfer from January

Live Mint  

To promote digital transactions, the RBI has asked banks not to charge savings bank account customers for online transactions in the NEFT or National Electronic Funds Transfer system with effect from January 2020. During the same period, the National Electronic Funds Transfer and Unified Payments Interface systems handled 252 crore and 874 crore transactions with year on year growth of …

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation
5 years, 5 months ago

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation

Firstpost  

The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions Mumbai: The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions. Currently, the National Electronic Funds Transfer operated by the RBI as a retail payment system is available …

24x7 Neft transfer from Dec ember to boost digital play
5 years, 5 months ago

24x7 Neft transfer from Dec ember to boost digital play

Live Mint  

New Delhi: Taking a series of steps to boost the adoption of digital payments, RBI on Wednesday said the National Electronic Funds Transfer facility will be available 24x7, the scope of utility bill payments will be expanded, and more players will be encouraged in the retail payment space. “Apart from digitization of cash-based bill payments, these segments would also benefit …

Good news for SBI customers! Bank waives charges on these online fund transfers
5 years, 5 months ago

Good news for SBI customers! Bank waives charges on these online fund transfers

India TV News  

If you have an account in the State Bank of India, there is good news for you. It has also decided to waive the charges applicable to IMPS transactions up to Rs 1,000 initiated through bank branches. The SBI has also decided to waive charges applicable on RTGS and NEFT transactions initiated through online banking and YONO routes. The SBI …

After NEFT, RTGS, SBI waives charges on IMPS transactions through internet and mobile banking from 1 August
5 years, 5 months ago

After NEFT, RTGS, SBI waives charges on IMPS transactions through internet and mobile banking from 1 August

Firstpost  

New Delhi: State Bank of India has waived charges on NEFT and RTGS transactions through the internet and mobile banking from 1 July, after the RBI decided to do away with the charges with an aim to move the country towards a less-cash economy. The country’s largest bank, which has about 25 percent market share, has also decided to do …

Fund transfers via RTGS, NEFT to cost less from 1 July; non-subsidised LPG cylinders to be cheaper by Rs 100 in Delhi
5 years, 6 months ago

Fund transfers via RTGS, NEFT to cost less from 1 July; non-subsidised LPG cylinders to be cheaper by Rs 100 in Delhi

Firstpost  

Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route Starting Monday, fund transfers through RTGS and NEFT systems will cost less as Reserve Bank of India has waived all charges on these transfers and asked banks to pass on the benefits to customers. Country’s …

Fund transfers via RTGS, NEFT to cost less from July 1
5 years, 6 months ago

Fund transfers via RTGS, NEFT to cost less from July 1

India TV News  

The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day. In order to provide an impetus to digital funds movement, the central bank further said it has been decided that with effect …

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees
5 years, 6 months ago

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees

ABP News  

Days after the Reserve Bank of India removed charges levied against National Electronic Funds Transfer and Real-time Gross Settlement and directed banks to pass on the benefits to customers, a committee has been formed to examine the gamut of charges taken against the withdrawal of money from Automated Teller Machines. In its June bi-monthly monetary policy meeting, RBI had said …

RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions
5 years, 7 months ago

RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions

Firstpost  

The Reserve Bank of India on Thursday said it would waive the fee currently imposed on banks for availing of its NEFT/RTGS payment servers. Its initiative could have a ripple, nay shaming, effect on: • Goods and services tax regime where the government always suspects that manufacturers and traders don’t pass on the full benefit of input tax credit to …

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers
5 years, 7 months ago

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers

Firstpost  

Mumbai: The Reserve Bank of India on Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers. Country’s largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for …

RTGS, NEFT charges to come down, money transfer to get cheaper
5 years, 7 months ago

RTGS, NEFT charges to come down, money transfer to get cheaper

Live Mint  

New Delhi: The Reserve Bank of India has decided to eliminate levy on online payment modes -- Real Time Gross Settlement System and National Electronic Funds Transfer – a move that is expected to make such transactions cheaper. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by …

ATM charge review to lower RTGS, NEFT fees for money transfer: Key RBI announcements
5 years, 7 months ago

ATM charge review to lower RTGS, NEFT fees for money transfer: Key RBI announcements

Live Mint  

The RBI will set up a committee to review the charges for usage of ATMs. Draft guidelines for on tap licensing of small finance banks will be issued soon while a forex trading platform for retail participants will be set up to make more transactions more transparent. Key RBI announcements today: 1) To promote digital transactions, the RBI has decided …

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