HDFC Bank makes RTGS, NEFT online transactions free

HDFC Bank Ltd has made online transactions through RTGS and NEFT free of cost from 1 November, with an aim to promote a digital economy, but various charges for cheque-related transactions as well as request for additional leaves will get costly from early next month for non-managed savings and salary accounts.

According to the revised fees and charges for savings and salary accounts, customers will not have to pay any charge for doing online transactions through Real Time Gross Settlement (RTGS) and the National Electronics Funds Transfer (NEFT) from 1 November 2017.

Earlier, customers were levied Rs 25 each for Rs 2-5 lakh online transaction via RTGS and Rs 50 each for such money transfers over Rs 5 lakh.

Online NEFT transactions attracted a fee of Rs 2.5 for less than Rs 10,000, Rs 5 for Rs 10,001-1 lakh and Rs 15 for transactions between Rs 1 lakh and Rs 2 lakh.

For NEFT transactions of over Rs 2 lakh, there was a fee of Rs 25. Any NEFT or RTGS transaction carried out at the bank branch will be payable.

“The revision in NEFT/RTGS online charges is applicable across all retail savings, salary and non-resident customers effective November 1, 2017,” HDFC Bank said in a notice to customers.

On cheque book issuance, HDFC Bank said a customer can avail one chequebook of 25 leaves free only once in a year in contrast to two such chequebooks.

However, the cost of requesting an additional chequebook (25 leaves) has been kept unchanged at Rs 75 each.

(Agencies)

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