No Charge on e-Transfer of Funds up to Rs 1 Lakh : Finance Minister

To promote cashless transactions, Finance Minister asked public sector banks to reduce the National Electronic Funds Transfer (NEFT) charges to zero for funds up to Rs 1 lakh.

Currently banks are charging a minimum fee of Rs 5 per transfer of funds up to Rs 1 lakh from one account to another through NEFT system. Moreover, e-transfer of funds up to Rs 10,000 attract a maximum charge of Rs 2.50 per transaction.

RBI has also retained maximum charges of Rs 15 per transaction for e-transfer of funds beyond Rs 1 lakh and less than Rs 2 lakh.

Recently, banks are asked to bring down the number of cheque-based transactions and all payments and disbursements except sundry payments, to make only electronically.

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