Mumbai, July 13: From August 1, 2012, bank charges for small value e-transfers will come down. Transferring of funds amounts up to Rs 10,000 from one bank account to another using National Electronic Funds Transfer (NEFT) will become cheaper.
In a statement on Friday, the Reserve Bank of India said it has rationalized the charges that banks can levy on customers for transfer of funds through NEFT. This move is aimed at promoting greater use of the electronic fund transfer system and providing the large number of people being covered under the financial inclusion programme with an efficient and affordable remittance mechanism.
Banks can levy not more than Rs 2.50 (exclusive of service tax) for funds transfer up to Rs 10,000, said a RBI notification.