In this digitalization mode, everything has become digitalized. People are trying more and more to do digital things. People are making business online and getting the outputs online. For this, internet banking has played a vital role in our lives. Because of this digitalization, sending money, taking payments has become easier. But there is still one issue that is charges deduction on NEFT transfers.
But not anymore. The Reserve Bank of India (RBI) has a gift for all the savings bank account holders of India. It can be taken in any way. It can be taken as a motivation, it can be taken as a promotion policy but whatever it is, it is going to be useful for everyone. RBI has set this strict guideline to not charge anything on NEFT transaction from 1st of January 2020 from every savings account holder. “In order to give further impetus to digital retail payments, it has now been decided that member banks shall not levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online (viz. internet banking and/or mobile apps of the banks). This directive is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007) and shall be effective from January 1, 2020.”
Anyone can do any transaction online. This service is available for everyone and all day long. You can make the transaction even at night too.