What changed
RBI issued a clarification on November 9, 2010, confirming that the revised RTGS customer charges are applicable for transactions starting from ₹2 lakh and above. Specifically, the value band of ₹2 lakh to ₹5 lakh now has a maximum customer charge of ₹25.
What it means for you
Banks must ensure that RTGS charges for transactions between ₹2 lakh and ₹5 lakh do not exceed ₹25. This provides a clear pricing cap, helping banks standardize fee structures and avoid customer disputes. It also encourages higher usage of RTGS for larger-value transfers.
What you must do
- Update your RTGS fee schedule to cap charges at ₹25 for transactions between ₹2 lakh and ₹5 lakh.
- Communicate the revised charges to all branches and customer-facing staff.
- Ensure system updates in core banking and RTGS platforms reflect the new pricing.
- Monitor compliance to avoid overcharging customers.
Who it affects
All banks participating in RTGS, Bank treasury and operations teams, Retail and corporate customers using RTGS for transfers above ₹2 lakh
Does this circular apply to NEFT as well?
The circular specifically addresses RTGS charges. NEFT charges are not covered in this clarification.
What is the maximum charge for RTGS transactions above ₹5 lakh?
The circular does not specify charges for amounts above ₹5 lakh. Banks should refer to the original November 3, 2010 circular for other value bands.