Even before the RBI decision, the State Bank of India had decided to not levy transactional charges for RTGS and NEFT at least via digital means. If done at bank branches a small fee is applied. NEFT transactions up to Rs. 10,000, costs an Rs. 2 (and GST charges), while transactions greater than Rs. 2 lakhs incur a charge of Rs. 20 plus GST. RTGS transfers from Rs. 2 lakhs to Rs. 5 lakhs costs customers, Rs. 20 plus GST. Any amount above that is charged at Rs. 40 plus GST.
NEFT online money transfers will be free of charges from January 2020: RBI
The Reserve Bank of India has asked banks to waive online transaction charges for savings bank account customers, in the case of the NEFT system with effect from January 2020
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