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: articles on VAT and GST in India :: VAT RATES :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt
« Service Tax »
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant

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 2016 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