SBI new rule to clear high value cheques: 5 things to know 1 min read. Even individuals who do not have a bank account walk-in customers can deposit cash at NEFT-enabled branches with instructions to transfer funds using NEFT. To initiate NEFT in cash, you need to furnish details such as your complete address and telephone number.
While there are no charges to be paid by those receiving the funds through NEFT, if you are transferring money, you may have to pay a fee. All charges exclude GST.
These are maximum rates fixed by the Reserve Bank of India RBIbut banks are free to charge anything up to the limits prescribed. RTGS This system is meant for high-value transactions.
RTGS is a system where processing of instructions is done in real time, so the transfer is instant. However, RTGS service is available only on working days and during working hours. Transferring money through RTGS can be initiated via mobile or Internet banking or by visiting a bank branch.
The transaction charges have been capped by RBI.
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The charges exclude GST. IMPS This is a real-time payment service that is available round the clock, including on holidays.
This service is offered by National Payments Corp. Join Mint channel in your Telegram and stay updated with the latest business news.