India’s private sector lender HDFC Bank has removed charges taken on online transactions through RTGS and NEFT from first November. The new decision has been taken with an aim to promote a digital economy.
Other Important Points to Remember
On the other hand, banks has decided to increase charges on transactions done through cheques and also the request for additional leaves will become cost more from the start of next month for not managing saving and salary accounts.
Earlier customers had to pay:
For Real Time Gross Settlement (RTGS) Transactions
- Rs 25 each for online transactions up to Rs 2-5 lakh done using Real Time Gross Settlement (RTGS) and A processing charge of Rs. 50 for RTGS online transactions of over 5 lakh.
For Online NEFT transactions
- A fee of Rs 2.5 for transactions under Rs 10,000, Rs. 5 for ranging between Rs 10,000 to 1 Lakh, Rs. 15 for transactions ranging between 1 Lakh to 2 Lakh rupees. There was a fee of Rs.25 for NEFT transactions over Rs 2 lakh.
For cheque book issuance, a customer can now issue one cheque book of 25 leaves free per year. The cost for additional cheque book issuance has been kept same by the bank which is set to Rs. 75. However the penalty on cheque returned due to insufficient funds has been raised from earlier Rs. 350 per cheque to Rs. 500 for first cheque.