Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Latest Circulars »
Open DEMAT Account in 24 hrs
 RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
 Processing of Applications Received Under the Citizen’s Charter - Status as on July 31, 2026
 RBI Issues Amendment Directions on Interest Rate on Deposits
 Reserve Bank of India (Commercial Banks – Resolution of Stressed Assets) Third Amendment Directions, 2026
 Winding up of Paytm Payments Bank Limited
 Reserve Bank of India (Regional Rural Banks Income Recognition, Asset Classification and Provisioning) Second Amendment Directions, 2026
 Rationalisation of Foreign Exchange Management (Non-Debt Instruments) Rules 2019 Draft Rules for Comments
  Governor Reserve Bank of India meets MD and CEOs of Public Sector Banks and select Private Sector Banks
 RBI issues Prudential Norms on Specified Non Financial Asset acquired by Regulated Entitites
 RBI issues draft Guidance on Regulatory Expectations for Data Governance
 Governor, Reserve Bank of India meets MD & CEOs of Public Sector Banks and select Private Sector Banks

Rationalisation of Customer Charges
July, 16th 2012

RBI/2012-13/131
DPSS CO (EPPD) /98/04.03.01/2012-13

July 13, 2012

Chairman and Managing Director /
Chief Executive Officer of all banks participating in NEFT

Madam / Dear Sir,

National Electronic Funds Transfer (NEFT) System - Rationalisation of customer charges

Please refer to our circular DPSS (CO) RTGS No.1008/04.04.002/2010-2011 dated November 03, 2010 rationalising the customer charges applicable on electronic payment products.

2. The NEFT system, introduced in 2005, has seen exponential growth in recent years reflecting its popularity as well as increasing customer acceptance. Despite such growth, it is, however, observed that many banks continue to levy the maximum permissible charges to their customers. It is desirable that the benefits accruing on account of increasing volume of transactions are passed on to the customers so as to incentivise greater use of the electronic payment system in place of cumbersome paper-based mechanism like cheques/DDs. It is also considered necessary to provide the large number of people being covered under the financial inclusion programmes affordable financial services through an efficient remittance mechanism like the NEFT.

3. Accordingly, on a review in consultation with stakeholders, it has been decided to rationalise the customer charges levied by the banks for NEFT transactions as under:

Value Band

Maximum Charges 
(exclusive of service tax)

Amounts up to ` 10,000/-

` 2.50/-

Amounts from ` 10,001/- to ` 1 lakh

` 5/-

Amounts above ` 1 lakh up to ` 2 lakh

` 15/-

Amounts above ` 2 lakh

` 25/-

4. It may be noted that the charges indicated above are the maximum that can be recovered by banks from their customers, if they so desire.

5. All member banks are advised to encourage customers to take advantage of this facility.

6. These charges will be effective from August 01, 2012.

7. These directions are issued by the Reserve Bank of India, in exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

Please acknowledge receipt and ensure compliance.

Yours faithfully,

(G. Srinivas) 
General Manager & Officer-in-Charge

Related Press Release

Jul 13, 2012

RBI rationalises customer charges for NEFT

Home | About Us | Terms and Conditions | Contact Us
Copyright 2026 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting