Several state run banks are doing away with transaction charge levied on their customers on online fund transfers up to Rs. 1 lakh. While some have already made online transfers free of any costs, others would follow suit shortly.
Oriental Bank of Commerce, Punjab National Bank does not charge any transaction fee on online transfer of funds. Bank of Baroda, United Bank and Central Bank will not levy any fee on national electronic fund transfers (NEFT) shortly.
Former finance minister Mr. Pranab Mukherjeeduring his tenure had asked PSU banks to do away with charges on electronic fund transfers up to Rs. 1 lakh.
Mr. S. L. Bansal, CMD, Oriental Bank of Commerce, “We have scrapped charges on online money transfers to encourage more retail customers to adopt electronic mode for payments. It is also a move to enhance our customer service”.
In contrast, many private sector banks continue to charge online transactions as mandated by the RBI (Reserve Bank of India).
Beginning August 1, 2012 customer will pay lesser for online money transfers below Rs. 10,000.
RBI has allowed banks to charge Rs 2.50 (plus service tax) on amount up to Rs. 10,000 and Rs. 5 plus service tax for amount beyond Rs. 10,000.
This transaction fee for online fund transfers is the maximum that banks can charge their customers.
According to a survey, 72% of NEFT transactions between May & June (2012) were below Rs. 10,000.
Now, as per RBI rules, banks can charge Rs. 5 plus service tax on amounts up to Rs. 1 lakh, Rs. 15 for amounts between Rs. 1 lakh to Rs. 2 lakh and Rs. 25 levied on transactions above Rs. 2 lakh, done through NEFT (National Electronic Fund Transfer).
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