Home / Industry / HDFC Bank makes RTGS, NEFT online transactions free from 1 November

New Delhi: HDFC Bank Ltd has made online transactions through RTGS and NEFT free of cost from 1 November, with an aim to promote a digital economy, but various charges for cheque-related transactions as well as request for additional leaves will get costly from early next month for non-managed savings and salary accounts.

According to the revised fees and charges for savings and salary accounts, customers will not have to pay any charge for doing online transactions through Real Time Gross Settlement (RTGS) and the National Electronics Funds Transfer (NEFT) from 1 November 2017.

Earlier, customers were levied 5 each for -5 lakh online transaction via RTGS and 0 each for such money transfers over lakh. Online NEFT transactions attracted a fee of .5 for less than 0,000, for 10,001-1 lakh and 5 for transactions between lakh and lakh. For NEFT transactions of over lakh, there was a fee of 5. Any NEFT or RTGS transaction carried out at the bank branch will be payable.

“The revision in NEFT/RTGS online charges is applicable across all retail savings, salary and non-resident customers effective November 1, 2017," HDFC Bank said in a notice to customers.

On cheque book issuance, HDFC Bank said a customer can avail one chequebook of 25 leaves free only once in a year in contrast to two such chequebooks. However, the cost of requesting an additional chequebook (25 leaves) has been kept unchanged at Rs75 each. Also, if a cheque is returned due to insufficient funds, each such cheque will now attract a penalty of Rs500 each. Earlier, for first cheque return in a quarter, Rs350 was levied and for subsequent instances in the same quarter, Rs750 was imposed by the bank. Besides, in cases where cheques deposited are returned unpaid, the charge has been raised to Rs200 per instance from the Rs100 earlier.

“The revision in chequebook and cheque return charges is applicable only to non-managed resident savings and salary customers effective December 1, 2017," read the bank notice.

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