Current Affairs

RTGS, NEFT Free From November 1 For HDFC Customers

In order to promote digital economy, HDFC bank has announced to make online transactions through RTGS and NEFT free of cost from November 1, 2017.

RTGS, NEFT Free From November 1 For HDFC Customers
  • On the other hand, bank has hiked various charges for cheque-related transactions as well as request for additional leaves for non-managed savings and salary accounts.
  • Earlier, Rs 25 were charged for each transaction for Rs 2-5 lakh 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 above Rs 1 lakh to Rs 2 lakh.
  • On cheque book issuance one chequebook of 25 leaves can be availed for free only once in a year in contrast to two such chequebooks. 
  • The cost of requesting an additional chequebook (25 leaves) has been kept unchanged at Rs 75 each.
  • If a cheque is returned due to insufficient funds will now attract a penalty of Rs 500 each.
  • In cases where cheques deposited are returned unpaid, the charge has been raised to Rs 200 per instance from the Rs 100 earlier.

What is NEFT?

  • It stands for the nation-wide payment system.
  • Customers of a bank can transfer funds to others though self-account. 
  • It is applicable to both Account holders and Non-Account holders. 
  • Funds are  transferred through electronic media 
  • Funds are in 12 slots on weekdays and 6 slots on Saturday
  • NEFT service can be availed by Corporates, Firms, whose bank is entitled with NEFT payment system.

What is RTGS?

  • It stands for Real Time Gross Settlement
  • In RTGS, processing of instructions starts immediately
  • Settlement of fund transfer occurs according to individuals basis or it can be transferred instantly. There is no such time slot. 
  • One can transfer a minimum of Rs.2 Lakh using RTGS
RTGS, NEFT Free From November 1 For HDFC Customers RTGS, NEFT Free From November 1 For HDFC Customers Reviewed by insiya yadav on November 08, 2017 Rating: 5

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