Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: due date for vat payment :: TDS :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
 
 
« Service Tax »
 GST pangs for 3 months only, people will adjust to new way of life soon
 GST, an old new tax
 Pay tax once on the input, deduct it from the output
 GST Network to begin accepting fresh registrations from June 25
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months

Oriental Bank scraps service charges on NEFT payments up to Rs 1 lakh
May, 18th 2012

Taking the lead, Oriental Bank of Commerce (OBC) has done away with service charges on all NEFT payments up to Rs 1 lakh originating through its branches.

This move will encourage retail customers to adopt electronic mode in a big way for their payments, Mr S.L. Bansal, Chairman & Managing Director, said here.

Currently, under NEFT scheme, banks are allowed to charge from the remitter up to Rs 5 (plus service tax) for outward remittances up to Rs 1 lakh.

National Electronics Fund Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer.

Under this scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the scheme.

Lower service charge

OBC has also settled for a lower service charge on NEFT outward payments beyond Rs 1 lakh and up to Rs 2 lakh. The remitter will now be charged Rs 10 (plus service tax) against the earlier charge of Rs 15 (plus service tax), Mr Bansal said.

However, there is no change to the service charge on outward remittances beyond Rs 2 lakh, he said, adding that they remain at Rs 25 (plus service tax).

Benefits of NEFT

There are several benefits that NEFT offers over the other modes of funds transfer. The remitter need not send the physical cheque or demand draft to the beneficiary.

The beneficiary need not visit his/her bank for depositing the paper instruments. NEFT is cost-effective and there is near real time transfer of the funds to the beneficiary account in a secure manner.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions