Levy of Service Charges for Electronic Payment Products and
Outstation Cheque Collection
With immediate effect, the framework of charges to be levied by banks for offering various electronic products and for outstation cheque collection service shall be as under : –
1. Electronic products
a) Inward RTGS / NEFT / ECS transactions – free, no charge to be levied.
b) Outward transactions –
(i) RTGS – Rs. 1 to 5 lakh – not exceeding Rs. 25 per transaction
– Rs. 5 lakh and above – not exceeding Rs. 50 per transaction
(ii) NEFT – Up to Rs. 1 lakh – not exceeding Rs. 5 per transaction
– Rs.1 lakh and above – not exceeding Rs. 25 per transaction
c) Banks may prescribe charges not higher than cheque return charges for ECS debit returns.
d) These charges shall be applicable for all types of transactions, including inter-bank funds transfers.
2. Outstation cheque collection
a) – Up to Rs. 10,000 – not exceeding Rs. 50 per instrument
– Rs. 10,000 to Rs. 1,00,000 – not exceeding Rs. 100 per instrument
– Rs.1,00,001 and above – not exceeding Rs. 150 per instrument
b) The above charges will be all inclusive. No additional charges such as courier charges, out of pocket expenses, etc., should be levied from the customers.
c) To reduce the clearing cycle and to promote electronic modes of payment, the drawee banks should use electronic modes like RTGS / NEFT, wherever available, to remit proceeds to the collecting bank branch.
d) Banks may make increased use of Speed Clearing and National Clearing facilities for providing efficient service.
3. The above charges are applicable only to transactions originated and payable within India.
4. The provisions of this circular shall not be applicable to cash handling charges levied by banks for handling large value cash transactions.
5. No bank should refuse to offer the products to its customers or decline to accept outstation cheques deposited by its customers for collection.
6. These Directions are issued by the Reserve Bank of India, in exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), without prejudice to permissions / approvals, if any, required under any other law.
RBI directs banks on charges to be levied on electronic products
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- Finance Ministry Notifies No-Charge Rule for RuPay Debit Cards and UPI up to Rs 2000
- MAT & AMT Under Income Tax Act 2025: Rates, Applicability and Credit Rules
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
- CAs Under Tax Audit Pressure as Sept 30 Deadline Approaches: No CBDT Extension Yet
- Delhi High Court Mandates Biometric Aadhaar Authentication for All New GST Registrations
- Big Change for Banking Records: New Bankers' Books Evidence Act Takes Effect from 1st Oct 2026
- ICAI Handbook on NRI Residential Status: Key Tax & FEMA Rules Explained
- Congress Leader Alleges CAs Aid Tax Evasion, Sparks Debate Among Tax Professionals
- GST on Restaurant Bills: Chartered Accountant Explains How to Check GSTIN
Popular News
- Income from House Property Under Income Tax Act 2025
- Doctor Pays Rs 58 Crore in Tax on Rs 149 Crore Income, Sparks Debate Over Taxpayer Value
- Income from Other Sources Under Income Tax Act 2025: Key Rules, Taxable Incomes and Deductions
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
