BANK CHARGES IN INDIA COLLECTING OUTSTATION CHEQUE & RTGS
67Have you ever feel cheated by the bank charges in india where you feel that this bank charge is very rude & you feel cheat or down. Last month i got a cheque of Rs. 45 of dividend for some shares but it was an outstation cheque so i drop the cheque for clearing & after 10 days 45 rupees credit to my account & 85 rupees debited for outstation cheque clearing charges. I felt cheated.
RBI has issued a Instruction which is applicable to all Banks with Immediate Effect from date of isue of the circular i e 8.10.2008.Detail Of circular is given here under.
RTGS/NEFT
1- The inward of RTGS(Remit through gross settlement) & NEFT is free.
2-The outward charges are as under
RTGS-1 TO 5 LAKH---------------------------not excess 25 rs, per transaction
RTGS-5 LAKH & ABOVE---------------------not excess 50 rs. per transaction
NEFT upto 1 Lakh-----------------------------not excess 5 rs. per transaction
NEFT 1 lakh & above-------------------------not excess 25 rs. per transaction
3- Banks may prescribe charges not higher than cheque return charges for ECS debit returns.
4- These charges shall be applicable for all types of transactions, including inter-bank funds transfers.
OUTSTATION CHEQUE CLOOECTION
UPTO 10000 NOT EXCESS 50 RS. PER INSTRUMENT
10000-10,00,000 NOT EXCESS 100 RS. PER INSTRUMENT
ABOVE 10,00,000 NOT EXCESS 150 RS. PER INSTRUMENT
1-These charges are all inclusive means everything is included such as courier charges, out of pocket expenses etc.
2- 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.
3-Banks may make increased use of Speed Clearing and National Clearing facilities for providing efficient service.
4. The above charges are applicable only to transactions originated and payable within India.
5. The provisions of this circular shall not be applicable to cash handling charges levied by banks for handling large value cash transactions.
6. No bank should refuse to offer the products to its customers or decline to accept outstation cheques deposited by its customers for collection.
7. 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.
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