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

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.

Service charge caps for electronic payments and cheque collection set, limiting bank fees and promoting electronic settlement. Levy and limitation of bank fees for electronic payment products and outstation cheque collection are prescribed, establishing service charge caps and conditions for their application. Inward electronic credits are to be free; outward transfers and outstation cheque collections are subject to capped, all-inclusive charges. Banks may not levy additional courier or out-of-pocket fees, must accept deposits for collection, and are encouraged to use electronic modes and enhanced clearing to expedite settlement. The provisions apply only to transactions within India and exclude large-value cash handling charges.