PNB RTGS: PNB hikes RTGS, NEFT charges, revises NACH e-mandate fees

() offers a variety of electronic services or e-services, including NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement). The bank has proposed a hike in RTGS and NEFT charges effective from May 20, 2022. The bank also revised National Automated Clearing House(NACH) e-mandate charges.

RTGS

The acronym RTGS stands for Real Time Gross Settlement, which is a system that allows for continuous and real-time settlement of fund transfers on a transaction-by-transaction basis.. ‘Real Time’ refers to the processing of instructions as soon as they are received; ‘Gross Settlement’ refers to the individual settlement of funds transfer orders.

The charges for RTGS has been hiked to Rs 24.50 for offline transactions and Rs 24 has been imposed for online transactions for amounts between Rs 2 lakh and Rs 5 lakh. Note that GST rates are applicable above the mentioned rate.

Earlier, the charges for RTGS was Rs 20 for offline at branch level transactions. For amounts above Rs. 5 lakh the charges are hiked to Rs 49.50 percent from earlier, Rs 40. For the same amount, online charge imposed is Rs 49.

NEFT

The Reserve Bank of India owns and operates the National Electronic Funds Transfer (NEFT) system, which is a nationwide centralised payment system (RBI). There is no minimum or maximum amount that can be remitted via NEFT.

Individuals, companies, and corporations with accounts at bank can electronically transfer payments to anyone with an account at any other bank in the country that participates in the NEFT system.

According to PNB website, “No charges from Savings Bank account holders for NEFT funds transfers initiated online.” NEFT charges are applicable for other than savings accounts and transactions that happen outside PNB. .

NEFT charges up to Rs.10,000 is increased to Rs 2.25 from earlier RS 2 and the online fee is imposed at Rs 1.75. For the transaction amount above Rs.10,000/- and up to Rs.1 Lakh, the charges are hiked to Rs 4.75 from Rs 4 for transaction at the branch level. For online transactions, the charges are fixed at Rs 4.25. Above Rs 1 lakh and up to Rs 2 lakh charges hiked to Rs 14.75 from Rs 14 and for online transaction is set Rs 14.25. For transactions above Rs 2 lakhs increased to Rs 24.75 from Rs 24 and online is fixed at Rs 24.25

Inward NACH e-mandate(Online Mandate)

The bank has revised the Inward NACH e-Mandate verification charges to Rs 100 per mandate on acceptance. This rate is exclusive of applicable GST. This rates are effective from 28-05-2022.

Important FAQs

1.
How is the processing of RTGS different from that of the National Electronic Funds Transfer (NEFT) System?

Ans. NEFT is an electronic fund transfer system in which the transactions received up to a particular time are processed in batches. Contrary to this, in RTGS, the transactions are processed continuously on a transaction by transaction basis throughout the day.

2.
Is RTGS a 24×7 system or are there some timings applicable?

RTGS is available 24x7x365 with effect from December 14, 2020.

3.
Is there any minimum / maximum amount stipulation for RTGS transactions?

Ans. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs. 2,00,000/- with no upper or maximum ceiling.