The HDFC Bank LTD India has made the online RTGS and NEFT process free from 1st November. The step was taken by the private bank with the thought of promoting digital economy. However, there will be a hike in charges for cheque-related transactions as well as the request for additional leaves. Also, the non-managed and salary account holders have to pay extra.
With the new step taken by HDFC bank made sure that there will be no charges for savings and salary accounts. Also while doing online transactions through Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) the HDFC customers will not have to pay any charge from 1st November 2017.
Back in the time to transfer 2-5lakh rupees the private bank used to charge Rs.25 for each online RTGS transactions. For more than 5Lakh Rupees the bank used to charge 50 rupees. Talking about the NEFT the bank used to charge 2.5 rupees for 1000 rupees or less for an online NEFT transfer. For 1000-1 lakh rupees HDFC India used to charge an amount of Rupees 5. To transfer an amount between 1lakh to 2lakh the bank used to charge Rs.15. Earlier to transfer more than 2lakh Rupees via Online NEFT there was a charge of 35 rupees. However, all of the online Real Time Gross Settlement (RTGS) and the National Electronics Funds Transfer (NEFT) online transactions are now free. However, if you make an RTGS or NEFT via the HDFC bank you have to pay the charges.
In a notice, the HDFC Bank LTD India said: “The revision in NEFT/RTGS online charges is applicable across all retail savings, salary and non-resident customers effective November 1, 2017.”
Also, you have to pay the GST charge just in case if you plan to get done with the NEFT or RTGS transaction via the home branch. However, there is no hike in charges for requesting a new 25leaves cheque book. You still have to pay 75 rupees.
Just in case if any cheque is returned because of insufficient balance. Then there will be a penalty of 500 rupees.
According to the bank notice:” The revision in the cheque book and cheque return charges is applicable only to non-managed resident savings and salary customers effective December 1, 2017″.