NEFT Online Fund Transfer charges by RBI 2010

With effect from April 1st 2010 RBI is charging to banks on NEFT transactions. However, no charges would be levied on inward transactions i.e. credit to beneficiary accounts. For outward transactions the below charges are applicable.

For NEFT fund transfers below Rs 1 Lakh – Rs 5 per transaction
For NEFT fund transfers up to Rs 1 Lakh and above – Rs 25 per transaction
RBI provided this facility to member banks free cost until 31st March 2010. Banks bear these charges on behalf of the customers, if they are privileged ones else pass on these charges to the customers.

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Sathish Emmadi

Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.

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