All you need to know about RBI’s New Year gift for SB’s Acc

All you need to know about RBI’s New Year gift for SB’s Acc

This New Year savings account holders in India will get a gift from the Reserve Bank of India. They will not have to pay any fee to their banks for making fund transfer using NEFT from January 1, 2020. This means from the beginning of the New Year, savings bank holders will be able to transfer funds through NEFT system online using net banking or mobile app of their respective banks.

“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),” RBI said in a notification to banks.

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The apex bank said this directive will be effective from January 1, 2010. “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,” the central bank added.

Worth mentioning here is that effective from Monday (December 16, 2019) NEFT transfer facility has been made available 24*7. Earlier NEFT trasnfer was available only during working hours of working days…Read more>>