We are only conducting Seminars to make Professional Traders. The material published on the blog is of general and educational information only and is not suitable for trading purpose. We do not provide Stock Tips. Please do not make any payment on website. All Material is available Free on the site.

NEFT & RTGS Transactions to be Made Free

Is NEFT Free?

It appears that govt is listening to us as we had raised our voice and asked govt to do away with NEFT & RTGS charges and same appears to become a reality as government has asked the Reserve Bank of India (RBI) to work out a framework under which funds could be transferred electronically free of charge from one account to the other. This good order has come from none other than Finance Minister Pranab Mukherjee ad it speaks of his sensibility.

We had repeatedly raised our voice against any transaction charges for NEFT & RTGS in a number of forums as a free electronic transaction would encourage customers to use this medium for inter-bank as well as intra-bank fund transfer across the country. This also means that number of clients visiting banks will reduce and in turn will reduce their infrastructure and office space demand. Moreover cash movement and cash transaction will reduce and it translates into lesser black money in India being generated.

At present, banks charge between Rs 5 to Rs 55 for electronic transfer of funds from account of one bank to another through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).

"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," Mukherjee said.

Most Visited Stocks - Click to Visit Link

We Teach and Train our Readers as we want to make sure that Readers become thorough professionals. We do not provide any stock tips. Please do not make any payments. Your joining or reading content is subject to acceptance of our terms and Disclaimer for which link is given on the site at bottom right hand corner. Wherever the word tip is written; it implies an idea which is of informational value and is not suitable for trading. Trade ideas if any are for educational purpose only. We are conducting Seminars to make Professional Traders. Join Now for Bangalore, Chennai and Hyderabad. Leave query through contact form.
Chart> Nifty A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 0-9