HDFC Bank makes RTGS, NEFT online transactions free from 1 November
HDFC Bank has made online transactions through RTGS and NEFT free but hiked the fee on cheque-based transactions
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 Rs25 each for Rs2-5 lakh online transaction via RTGS and Rs50 each for such money transfers over Rs5 lakh. Online NEFT transactions attracted a fee of Rs2.5 for less than Rs10,000, Rs5 for Rs 10,001-1 lakh and Rs15 for transactions between Rs1 lakh and Rs2 lakh. For NEFT transactions of over Rs2 lakh, there was a fee of Rs25. 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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