Former FM urges PSBs to waive charges on e-transfer of funds up to one lakh
By Neelima Shankar
Jul 20, 2012
Print    Email    RSS   

In a meeting between the former finance minister, Pranab Mukherjee, and chiefs of various public sector banks, Mukherjee appealed to the banks to follow the step taken by Oriental Bank of Commerce in making electronic transfer of funds up to Rs. 1 lakh a free service for customers. Further, he suggested Reserve Bank of India that it should ensure that the charges on all electronic banking transactions are waived.

Paying heed to the finance minister's appeal, Bank of Baroda has decided to do away with charges on e-transfer of funds up to Rs. 1 lakh, the bank's Managing Director, MD Mallya confirmed.

Presently, banks charge a fee of Rs. 5 for outward transactions up to Rs. 1 lakh, Rs. 15 for such transactions between the amounts of Rs. 1 lakh to Rs. 2 lakh and Rs. 25 for transactions above Rs. 2 lakh, done through National Electronic Fund Transfer (NEFT).

For transactions done under Real Time Gross Settlement (RTGS), banks charge a fee of Rs. 25 for transactions between the amounts of Rs. 2 lakh to Rs. 5 lakh and for amounts above Rs. 5 lakh, a fee of Rs. 50 is levied.

However, private sector banks refuse to comment on whether they will remove charges on e- transactions or not.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Investment options to Save Tax under...
Some Quick Facts about Wealth Tax in India!
Financial planning: a tool to retire...
Gold ETFs or Gold Funds: Which One Should...
Plan your tax, don’t evade it

Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...
Chandigarh@CaℒL Giℛℒ In Rajpura +O9855660911...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive