FinMin for NO charges on e-transfer of funds up to Rs1 lakh

To promote cashless transactions, the Finance Ministry has asked public sector banks to take steps to reduce the fee to zero for electronic transfer of funds up to Rsone lakh.

Currently, most banks charge a maximum fee of Rs 5 per transfer of funds up to Rs1 lakh from one account to another through National Electronic Funds Transfer (NEFT) system.

Transfer of funds up to Rs10,000 through NEFT system attract a maximum charge of Rs 2.50 per transaction.

In a recent communication to the state-owned banks, the Ministry had asked them to “take action” to reduce the NEFT charges to zero for value up to Rs 1 lakh.However, some banks are yet to intimate the Ministry about the action taken by them to reduce the charges, sources said.

SOURCE: DAILY PIONEER