RBI tells banks not to charge transaction fees for NEFT from Jan 2020

The RBI earlier this year had waived the charges it levied on banks for transactions routed through NEFT and RTGS

Banks will not be able to charge their savings account customers for online transactions done via the National Electronic Funds Transfer (NEFT) system from next year. Mandate banks not to charge savings bank account customers for online transactions in the NEFT system with effect from January 2020, the Reserve Bank of India (RBI) said in a release on Friday.

NEFT can be done by bank customers either online or offline through bank branches. While several major banks, including State Bank of India (SBI), ICICI Bank, Axis Bank, HDFC Bank, and YES Bank, do not charge for online NEFT transactions, Bank