NEFT, RTGS charges to be off from July 1

Mumbai: The Reserve Bank of India on Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day.

The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers of up to Rs 2 lakh.