Have Account In HDFC Bank? Latest Changes In Charges You Need To Know

For HDFC Bank's salary and savings account customers, there would no NEFT and RTGS charges on online transactions.

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Have Account In HDFC Bank? Latest Changes In Charges You Need To Know

NEFT or RTGS transactions carried out at HDFC Bank branches will be continue to be payable

HDFC Bank has made online fund transfers through RTGS and NEFT free of cost from November 1, 2017. This has been done to promote a digital economy. NEFT is an electronic fund transfer that settles transactions in batches. The NEFT transaction system operates in hourly batches and any transaction initiated after a designated settlement timeline has to wait till the next designated settlement time. RTGS refers to real time gross settlement of fund transfers. The private sector bank has also changed the fee structure for issuance of cheque books.


HDFC Bank NEFT, RTGS Charges


1) Earlier, HDFC Bank customers, according to news agency Press Trust of India, were levied up to Rs 50 per online RTGS fund transfer, depending on the amount. Online NEFT transactions attracted a fee of up to Rs. 25, depending on the amount transacted, according to the agency.

2) However, NEFT or RTGS transactions carried out at the bank branches will be continue to be payable.

3) "The revision in NEFT/RTGS online charges is applicable across all retail savings, salary and non-resident customers effective November 1, 2017," HDFC Bank said in a notice to customers, according to Press Trust of India.

4) The minimum RTGS transaction amount is Rs 2 lakh and the maximum amount of funds that can be transferred per Customer ID per day is Rs. 25 lakh.

5) For HDFC Bank customers, RTGS transactions done at bank branches will attract a fee of Rs 25 plus applicable GST (Goods and Services Tax) for a transaction between Rs 2 lakh and Rs 5 lakh. For transactions above Rs 5 lakh, a fee of Rs 50 plus applicable GST will be charged.

6) On issuance of cheque book, a customer can avail one chequebook of 25 leaves free of cost only once in a year in contrast to two such chequebooks earlier, said HDFC Bank, according to Press Trust of India.

7) However, the cost of requesting an additional chequebook (25 leaves) has been kept unchanged at Rs. 75.

8) Also, if a cheque is returned due to insufficient funds, each such cheque will now attract a penalty of Rs. 500.

9) "The revision in chequebook and cheque return charges is applicable only to non-managed resident savings and salary customers effective December 1, 2017," the bank's notice said, according to Press Trust of India.

10) On HDFC Bank's website, the bank said that with effect from November 7, transfer of funds from a PayZapp wallet to any bank account will be charged at 2 per cent plus taxes as applicable.

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