Date: 08/10/2008 Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
RBI / 2008-09 / 207 DPSS.CO.No. 611 / 03.01.03(P) / 2008-09 October 8, 2008 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, 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(HYPERLINK "http://simpletaxindia.blogspot.com/2008/04/faqs-for-rtgs-neft.html"read more about RTGS/NEFT/FAQ) 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. Yours faithfully (G. Padmanabhan) Chief General Manager No virus found in this outgoing message. Checked by AVG. Version: 7.5.523 / Virus Database: 270.8.0/1720 - Release Date: 10/11/2008 3:59 PM --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Skorydov MyTaxAssistant Member Group" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/SkorydovMyTaxAssistant?hl=en -~----------~----~----~----~------~----~------~--~---
