from january 2020 banks can no longer charge savings bank account holders for online transactions in the neft system the reserve bank of india rbi has now mandated banks to do this through a press release on friday in its press release rbi stated that it is doing this to promote digital paymentsin its july monetary policy review rbi had decided to do away with charges for neft and rtgs transactions however it hadnt set a date by when banks had to comply in its july statement it had said in order to provide an impetus to digital funds movement it has been decided to do away with the charges levied by the reserve bank for transactions processed in the rtgs and neft systems banks will be required in turn to pass these benefits to their customersin the press release issued today titled furthering digital payments it said that it will be taking these steps to encourage digital payments furtheroperationalise the acceptance development fund to increase acceptance infrastructure with effect from january 1 2020constitute a committee to assess the need for plurality of qr codes and merits of their coexistence or convergence from both systemic and consumer viewpointspermit all authorised payment systems and instruments nonbank ppis cards and upi for linking with national electronic toll collection netc fastags going forward this will facilitate the use of fastags for parking fuel etc payments in an interoperable environmentenable processing of emandates for transactions through upirbis statement on the threeyear anniversary of demonetisation said that digital payments constituted 96 percent of total noncash retail payments during the period october 2018 to september 2019 during the same period the national electronic funds transfer neft and unified payments interface upi systems handled 252 crore and 874 crore transactions with year on year growth of 20 and 263 respectively this rapid growth in the payment systems interalia has been facilitated by a series of measures taken by the reserve bank of india stated the releasewhat is national electronic fund transfer neftyou might also likerbi removes neft rtgs payment charges to push digital transactionsneft is a payment system facilitating funds transfers from one bank account to another one can access this service either by using internet banking or by visiting the bank branch not all bank branches are enabled with this serviceonce you initiate the transfer the money reaches the beneficiary account within hours there is no limit on the minimum or maximum amount you can transfer however individual banks may put restrictions on the per transaction amountin july almost immediately after rbis saying that banks should remove charges on neft state bank of india announced waiver of charges on neft rtgs and impsyou might also likesbi waives off charges on neft rtgs and imps