To promote digital economy, HDFC bank has made RTGS and NEFT transactions free of cost and cheque-related transactions costly. The bank has revised RTGS and NEFT online transactions fees and charges for savings, salary and non-resident accounts. As per the bank, nothing will be charged from customers for RTGS and NEFT online transactions from November 1, 2017. However, NEFT or RTGS transactions carried out at the bank branch will be payable.
Earlier, the bank used to charge Rs 25 for each RTGS transaction of amount Rs 2-5 lakh and Rs 50 for transfers of over Rs 5 lakh. Also for NEFT transactions, a fee of Rs 2.5 for amount less than Rs 10,000, Rs 5 for Rs 10,001 – 1 lakh and Rs 15 for above Rs 1 lakh to Rs 2 lakh was charged from customers.
According to PTI, the private bank will however charge more for cheque-related transactions and additional leaves. As per the bank, customers will now get only one cheque book of 25 leaves, instead of two, free of cost once in a year. If a customer requires additional cheque book of 25 leaves will have to pay, like before, an amount of Rs 75 each.
In addition, the bank will now charge Rs 500 each as a penalty for cheque bounce due to insufficient funds. Earlier, the charges levied were Rs 350 for first cheque return in a quarter and Rs 750 for following instances in the same quarter. Also, the penalty for cases where cheques deposited are returned unpaid has been raised from Rs 100 to Rs 200 per instance.
The revised charges for cheque book and cheque return are only for non-managed resident savings and salary accounts and will be applicable from December 1, 2017.