NEFT Transactions being charged?

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viralbug

viralbug

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I was logging into my HDFC bank account right now and I just noticed this message.

Effective 16th January, 2010, NEFT transactions on NetBanking would be charged as below:

* Upto Rs. 1 lac. - Rs. 5 (inclusive of taxes) per transaction .
* Rs. 1 lac and above - Rs. 25 (inclusive of taxes) per transaction.

Effective 16th January, 2010, RTGS transactions on NetBanking would be charged at Rs. 25 (inclusive of taxes) per transaction.
TPT limit on NetBanking has been enhanced to Rs.10 lakh per cust ID per day. Click here to know more.
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Is this for all banks? I didn't know NEFT was going to be charged, although it isn't much.
 
i was also saddened to see this message from HDFC Bank recently.

Perhaps this is the last bank to enter charging foray, iirc many private banks including ICICI were charging for NEFT.

There is no clarification regarding charges are applicable for received payments also or not.
 
Wow first they save on huge costs that they had to incur at the branch for processing transactions, and now they start charging for transactions..Classic case of getting greedy..
 
Actually NEFT was always chargeable ever since the time it was introduced. Its mentioned in the documentation. Its up to the bank whether they charge or not and most banks opted not to. So its not surprising if they start doing that now.

HSBC at least is still not not charging for NEFT transactions ( Made one just a few minutes back) although they have had it mentioned on the site since the start that NEFT transaction charges are deducted along with the transaction amount.
 
Discussed at great lengths on the other forums. Only CITI and Standard are not charging as far. Good that I have accounts with both of em :D
 
ABN AMRO Bank also does not charge any NEFT fees.:ohyeah::ohyeah:

That another matter there is hardly any branches of it in mumbai.:bleh:
 
viralbug said:
Is this for all banks? I didn't know NEFT was going to be charged, although it isn't much.
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Always Read the fine print when you sign any bank document. They had mentioned this in the NEFT application form.

:)
 
ICICIBANK I think was the first to start charging for NEFT & finally HDFC too entered. Indian Bankers DIDN'T going to loose any chance to charge customers.

Even some bank starting to charge Penalty though you windup your account after 2-3 yrs, initially it was for First Year Only.
 
Tanuj said:
This is not possible.
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i think mine is a staff account,mum works in sbi ,maybe thats why i'm not charged anything.

didn't know there were seperate public and staff accounts sorry
 
well, citi bank and standard chatered still dont charge for neft. but then they have pretty hefty minimum balance(25k) to maintain (in case of non corporate account ) which allows them to give away neft servies for free.

in the end every bank will try to earn as much as it can from where it can. now that people are using NEFT, all bank slowly but surely will start charging for this service as well
 
HDFC had started charing for NEFT earlier too, but later it was made free again.

If you want free NEFT opt for ICICI b2 :D
 
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