Oriental Bank of Commerce has announced a change in services charges on National Electronics Funds Transfer (NEFT) payments. According to the change, no service charge would be levied on the remitter for NEFT payments of up to Rs. 1 lakh.
NEFT is a pan-India online system for remitting money, in which money can be transferred from one account to another in any bank which is a participant of this scheme.
At present, the remitter is charged Rs. 5 as a service charge for transactions of up to Rs. 1 lakh. The bank has also lowered the service charge on transactions beyond 1 lakh up to Rs. 2 lakh from Rs. 15 to Rs. 10.
There has been no change in the service charge for the top slab - over Rs. 2 lakh, which remains at Rs. 25.
This move will encourage retail customers to adopt electronic mode in a big way for their payments, Mr. S. Bansal, Chairman and MD of the bank stated.