What Does Internet Banking Cost?

The charges of Internet Banking varies from one Bank to other Bank, It also depends on type of transaction being carried out. Majority of banks charge you monthly fees for using their internet and telephone banking service. Some banks offer few transaction services for free such as bill payment and checking account balance. The charges applied to the customer for using internet banking are very less as compared to charges associated with ATM or bankteller charges.

What Does Internet Banking Cost? The advantage of using internet banking is that it is available to the customers anytime, anywhere and it can be done from the comfort of one home. Thus, one can save the time and money that otherwise would be spent while going to bank or ATM. You can pay bills from home and avoid late fees.

Before using the internet baking services, it is better idea to do some research regarding the applicable charges for internet banking in various banks. You can make informed decision by comparing the charges applied by various banks.In case you find a bank with lower account and internet bankingcharges then you can choose that bank. Also, make a list of free transactions offered by your bank so that you can carry on free transaction many times without worrying about the charges.

Moreover, with internet banking you will get higher interest rates of savings and current accounts in addition to getting loans at cheaper rates.

Processing Charges For Funds Transfer

Charges for RTGS transaction

RTGS charges:

The following charges are applied for inward and outward transaction through RTGS.

Inward transactions – It is absolutely free and there are no charges applied

Outward transactions

2 lakh to 5 lakh – Not exceeding Rs 25 per transaction

Above 5 lakh – Not exceeding Rs 50 per transaction

Charges for NEFT transaction

NEFT Charges:

Member banks participating in NEFT are not required to pay any service charges to RBI till 31 March 2011. Consequently, member banks have also pass on the benefit to their customers.

Inward transactions: There are no charges levied from beneficiaries at destination bank branches

Outward transactions: The charges applicable at originating bank branches are as follows:

Rs 1 lakh – not exceeding Rs 5 and service Tax

Rs 1 lakh – Rs 2 lakhs – not exceeding Rs 15 and service Tax

Above Rs 2 lakhs – not exceeding Rs 25 and service Tax