Fee for E-transfer to be become free?

Fee for E-transfer to be become free?

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The government has asked the Reserve Bank of India (RBI) to work out a frame work under which the funds could be transferred electronically free of charge from one account to another. If the move materialises then it could be a great relief for the bank customers.

The suggestions were made by the Finance Minister, Pranab Mukherjee while he was addressing a meeting with the chief executives of the public sector banks. The meeting was also attended by the RBI deputy governor Dr. KC Chakrabarty.

As for now the bank charges between Rs. 5 to Rs. 55 for the electronic transfer of funds from an account of one bank to another through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS). Mukherjee also said, “I would also urge upon Reserve Bank of India (RBI) to proactively work on this front and to see that all electronic banking transactions should be possible without any charges being levied”.

With the cost free electronic transactions, the bank customers would be encouraged to use this medium for inter bank and intra bank fund transfer across the country. In terms of outward transactions under the RTGS mechanism, the bank charges Rs. 30 for the electronic transfer of Rs. 2 lakh to Rs. 5 lakh and Rs. 55 for amounts above Rs. 5.