Neft transfer fees may be free | Online transfer fees may be free soon…

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Many of us after transfering money to a thirdparty bank account would have seen a charge of Rs.5 or more deducted from their accont as Neft transfer fees. Now in a move that would bring relief to bank customers,the government has asked the RBI to work out a framework under which funds could be transferred electronically free of charge from one account to the other.

These suggestions were made by finance minister Pranab Mukherjee in his address at a meeting with chief executives of the public sector banks,which among others,was also attended by RBI deputy governor K C Chakrabarty.

Currently,banks charge between Rs 5 to Rs 55 for electronic transfer of funds from account of one bank to another through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).I would also urge upon RBI to proactively work on this front and to see that all electronic banking transactions should be possible without any charges being levied, Mukherjee had said on Tuesday.

Cost free electronic transaction would encourage customers to use this medium for inter-bank as well as intrabank fund transfer across the country. This move will not only make people go paperless but also reduce the transaction cost. Cost of check , clerance cost from the banker etc…


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