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<ul><li>The new time frame for RTGS will be effective from June 1. </li><li>The fee for transfer of funds during 11am to 1pm is ₹2 whereas from 1pm to 6pm is ₹5.</li></ul> The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has extended the timing for 'Real Time Gross Settlement’ (RTGS) system to 6 pm from its earlier 4.30 pm. The new time frame for RTGS will be effective from June 1, according to a statement issued by RBI on Tuesday. "It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4.30 p.m. to 6 p.m. "The time-varying charges for transactions in RTGS from 13:00 hours (1 p.m.) to 18:00 hours (6 p.m.) shall be Rs 5 per outward transaction," RBI said. Current fee structure for using <keyword id="7692436" type="UNKNOWN" weightage="20" keywordseo="rtgs-transaction">RTGS transaction</keyword> <table style="border-width: initial; border-style: none; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Time </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Fee </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">8 am to 11am </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">11 am to 1pm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹2 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">1pm to 6pm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">After 6pm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹10 </td></tr></tbody></table> Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm will be ₹10. RTGS is an online financial transaction system, where user can do real-time settlement of fund transfers individually, on a transaction-by-transaction basis. However, the system does not work around the clock. The RTGS system was built primarily for high value transactions. The minimum amount for the transaction for an RTGS is ₹200,000 with no restrictions on maximum value. The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day, for settlement at the RBI's end. (with IANS)

RBI to extend RTGS deadline to 6 p.m. from June 1

There is a recent RBI regulation (RBI), which makes excess number of transactions at even own-bank automated teller machines (<keyword id="48577" type="TECHNOLOGY" weightage="20" keywordseo="ATM">ATM</keyword>s), chargeable. As per this new regulation, if you transact more than 5 times a month, even from your own bank’s ATM from November 1st, your bank is liable to charge you for it. The new rule doesn’t exclude other-bank ATM transactions too; the number has been reduced from three from five. This limit, however, is only applicable in six metros, Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore. Money withdrawal isn’t the only restriction though; even non-financial instructions such as cheque book request, balance enquiry, and mini-statement requests are being included in this limit. Non-metro users can still enjoy five free transactions at other bank ATMs. 
 
Here is everything you need to about the RBI’s new chargeable ATM transaction rule. 
 
How much will it cost? 
Banks are either in the process of adopting the change or have already implemented it, while others have set certain conditions. For instance, from November 1st, <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> has set a monthly limit on the number of free non-financial and financial ATM transactions, and has linked monthly balance to ATM charges. So, for users who have an average monthly balance of over Rs1 lakh, there is no limit on free transaction. But users with up to Rs 25,000 in their <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> account will get only three free transactions at other-bank ATMs in a metro city, and five free transactions at own-bank ATMs. 
 
Charges for financial transactions are Rs 5-20 and for non-financial ones, Rs 5-8. This depends on the type of account held. Basic savings bank deposit account holders will continue to enjoy free ATM services. 
 
It has also been stated that one-way inter-changeability between branch transaction and ATM transaction will be permitted. For example, if a customer does not visit their branch during a month, they will be allowed nine free transactions at their own-bank ATM, and eight free ATM transactions if they visit the branch once, and so on. 
 Some banks are exempting themselves from the rule. For instance, Canara Bank isn’t charging for transactions at own-bank ATMs, but an addition of three transactions at other-bank ATMs in the six metros is chargeable at Rs15 for each financial transaction and Rs 5 for each non-financial one. <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service tax</keyword> will be applicable as well. 
 
Banks in the private banking space are poised to bring in the revised charges from December 1st. According to the HDFC bank website, from December 1st onwards, the first five transactions across all cities at own-bank ATMs for salary and savings account customers will be free. In the six metros, the first three ATM transactions at non-HDFC Bank ATMs will be free and in non-metros, the first five will be free. Anything over and above this will be chargeable. Cash withdrawal for instance, is poised to be charged at Rs 20 plus taxes per transaction and Rs 8.5 plus taxes per non-financial transaction. For some basic savings bank deposit accounts, the limit will be five at other-bank ATMs. 
 On its website, <keyword id="116152" type="UNKNOWN" weightage="20" keywordseo="Axis-Bank-Ltd-">Axis Bank Ltd.</keyword> has stated the following: “We have revised the number of free ATM transactions, which will be applicable with effect from 1 December. The transaction limits have been revised taking into account the high cost of operation and maintenance of our growing ATM network.” 
 
ATM usage patterns will denote the new limits. The bank will follow the new RBI guidelines for most of its savings accounts. Every financial transaction will be charged Rs 20 and Rs9.55 including tax for every non-financial one beyond the free limit. Some accounts like priority or defense personnel’s salary accounts, ATM transactions will continue to be free. 
 
Smaller banks continue to offer free ATM services 
Account holders of smaller banks such as Federal Bank and Yes Bank Ltd will still be able to enjoy free ATM services to own-bank ATM transactions as well as for other-bank ATM transactions. 
 
What your next steps should be 
This might be the right time to alter your ATM transaction behavior, especially given these chargeable fees. It is prudent to find out the exact details from your bank before you go down that road. 
 
Despite the fact that the RBI regulation is in place, banks still retain the right to decide if they want to charge their customers or not. According to the regulations, it is compulsory for banks to inform their customers about any changes in fees and service charges. Pay more attention to any correspondence from your bank, such as mail, SMS or email. You could even visit your bank’s website to find out details, as it is mandatory for them to publish these revised service charges. 
 
A total of 8 to 10 free transactions is sufficient enough for an individual. Your options are using mobile or Internet banking for non-financial transactions like balance inquiries or requesting mini-statements, if you want to avoid paying for using an ATM. Services such as these are free of cost on the website. Some banks even offer a free missed call service for balance inquiries. If you're planning on going shopping, why not use your debit card instead of cash? Be mindful of the fact that some retail outlets charge an additional 1-2% of the total amount if you use your debit card. 
 
Image: http://www.urbannewsdigest.in

What You Need to Know About the RBI’s New Chargeable ATM Transaction Rule

The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has lifted the business restrictions imposed on <keyword id="5067243" type="General" weightage="80" keywordseo="american-express-banking-corp" source="Orion">American Express Banking Corp</keyword> due to the satisfactory compliance demonstrated by the entity to RBI rules, the central bank said in a release. "With the Reserve Bank of India circular dated April 6, 2018 on storage of payment system data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect," the release said. The RBI had, by its order dated April 23, 2021, imposed restrictions on <keyword id="91294" type="General" weightage="80" keywordseo="american-express" source="Orion">American Express</keyword> from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on storage of payment system data. American Express is a payment system operator authorised to operate card networks in the country under the <keyword id="1859644" type="General" weightage="20" keywordseo="payment-and-settlement-systems-act" source="Orion">Payment and Settlement Systems Act</keyword>, 2007. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hotels-make-for-a-happy-home-for-investors-stocks-return-over-50-in-less-than-six-months/articleshow/93762736.cms">Hotels make for a happy home for investors, stocks return over 50% in less than six months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/sri-lanka-bans-import-of-300-items-including-chocolates-perfumes-and-shampoos/articleshow/93755195.cms">Sri Lanka bans import of 300 items including chocolates, perfumes and shampoos</a>

RBI lifts business curbs imposed on American Express Banking Corp

New Delhi, Apr 17 () Union Home Minister Amit Shah said on Friday the Narendra Modi government is leaving no stone unturned to tackle the crisis caused by the novel coronavirus outbreak in the country.Complimenting the Reserve Bank of India (RBI) for the steps taken to boost the economy, Shah said such action will further reinforce Modi's vision."Modi government is leaving no stone unturned in this fight against COVID-19, ensuring minimum disruption in people's lives while planning for a strong and stable India in days ahead," he tweeted.The home minister said the RBI's decision to extend Rs 20,000 crore credit facility to NABARD and Rs 15,000 crore to SIDBI will greatly help the farmers, provide the much needed financial stability to MSMEs and start ups, and boost the 'Make in India' programme.Shah said the Rs 10,000 crore to National Housing Bank (NHB) and liquidity measures for banks and non-banking financial companies (NBFCs) will help too."Steps taken by RBI today, to boost Indian economy, further reinforce PM Narendra Modi's vision," he said.The RBI on Friday further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled a second set of measures to support the economy hit hard by a coronavirus-led slowdown.In his second televised address since the nationwide lockdown began from March 25, Reserve Bank of India (RBI) Governor Shaktikanta Das pledged to boost liquidity and expand bank credit. ACB NSDNSD

You Searched For "RBI new rules" and got 4 results

RBI to extend RTGS deadline to 6 p.m. from June 1

Preeti Soni

What You Need to Know About the RBI’s New Chargeable ATM Transaction Rule

Vishal Ingole

RBI lifts business curbs imposed on American Express Banking Corp

IANS

Modi govt leaving no stone unturned to fight COVID-19: Amit Shah

PTI

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