Monday, February 8, 2016

RTGS service charges for members and customers - Rationalisation



Inward transactions of the members will not attract any service charges and will continue to be free, as hitherto.

The RTGS service charges would consist of monthly membership fee and processing charges per transaction, as follows:

(i)             Monthly Membership Fee:
Type of Entities
Monthly Membership Fee(exclusive of service tax)
Scheduled Commercial Banks (SCB)
Rs.5,000
Banks other than SCBs, Primary Dealers, clearing entities, other special entities, etc.
Rs. 2,500

(ii)           Processing charge per transaction: Every outward transaction will attract flat processing charge of Rs. 0.50 (exclusive of service tax) and a time varying charge as under:

Sr. no.
Time of Settlement at RBI
Time varying charge per outward transaction (exclusive of service tax)
From
To

1
08:00 hours
11:00 hours
Nil
2
After 11:00 hours
13:00 hours
Rs. 2.00
3
After 13:00 hours
16:30 hours
Rs. 5.00
4
After 16:30 hours

Rs. 10.00

4. The maximum charges that can be recovered by a member from its customers will remain unchanged as under:
RTGS Transaction
Maximum Customer Charges (exclusive of service tax)
Inward transactions
Free
Outward transactions

Rs. 2 lakh to Rs. 5 lakh
Rs. 25 + applicable time varying charge, subject to a maximum of Rs. 30/-.
Above Rs. 5 lakh
Rs. 50 + applicable time varying charge, subject to a maximum of Rs. 55/-.

Members may please note that customers should not be charged for inward transaction, as hitherto.

RBI will calculate service charges on a monthly basis and will debit the amount from the current account of the Bank maintained with Deposit Accounts Department of RBI. The necessary reports would be made available by the Department.

The revised service charges will come into effect from April 1, 2016.

Based on RBI Circular dt 04/02/16. Please visit www.rbi.org.in for any further clarification if required….. Poppy