New Delhi: The Reserve Bank of India (RBI) has directed banks not to charge any online payments from savings account holders through NEFT and RTGS. Many banks have already made this type of payment free, while other banks have been asked to free it by next month.

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In a notification issued this week, the RBI said, 'In order to emphasize digital retail payments, RBI has decided that banks will fund online (Internet banking and/or mobile app) funds from their account holders through NEFT. We will not charge any fee on the transfer. This new rule will come into effect from January 1, 2020. In July, it had abolished the charge that RBI charged on processing NEFT and RTGS transactions. RBI had also asked the banks to extend its benefits to their customers, after which banks like SBI and ICICI had completely free NEFT.

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SBI YONO, the country's largest public sector bank, does not levy any charges from customers of Internet banking and mobile banking on transactions through IMPC, RTGS, and NEFT. Similarly, HDFC Bank also does not charge any charges on NEFT transactions.

Good News, There will be no charge from this day on transferring funds from NEFT and RTGS