NEW UPDATES ABOUT RTGS AND NEFT

RBI EXTENDS RTGS TIME

TO FACILITATE GROWING NEEDS OF CUSTOMERS THE CENTRAL BANK OF INDIA ON 15^TH DEC 2014,DECIDED TO EXTEND THE TIMING OF RTGS BUSINESS HOUR TO 8.00HR FROM 9.00HR AND EXTEND CLOSING TIME OF RTGS TO 20.00HR OR 8PM ON WEEK DAYS AND 8.00HR TO 15.30HR ON SATURDAY.

FOR NEFT:

MON-FRI-- 8AM TO 7PM.(23 TIME SLOTES HALF AN HOUR EACH)
SAT---8AM TO 1PM(6 TIME SLOTES)

The structure of charges that can be levied on the customer for NEFT is given below:

a) Inward transactions at destination bank branches (for credit to beneficiary accounts)
– Free, no charges to be levied from beneficiaries

b) Outward transactions at originating bank branches – charges applicable for the remitter

-  For transactions up to Rs  10,000 : not exceeding Rs 2.50 (+ Service Tax)

- For transactions above Rs 10,000 up to Rs  1 lakh: not exceeding Rs 5 (+ Service Tax)

-  For transactions above Rs 1 lakh and up to Rs 2 lakhs: not exceeding Rs 15 (+ Service Tax)

-  For transactions above Rs 2 lakhs: not exceeding Rs 25 (+ Service Tax)

There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, maximum amount per transaction is limited to Rs.50,000/- for cash-based remittances and remittances to Nepal.