RBI mandates banks to publish RTGS, EFT, ECS service charges on its website
No longer current — replaced by RBI Circular dated 11.06.2019 on 'National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RT
Source: Reserve Bank of India · RBI/2005-06/53 · issued 13 Jul 2005 · ~2 min read
Quick answerRBI directs all RTGS member banks to submit pricing details for electronic payment services (RTGS, SEFT, EFT, ECS) for outward and inward remittances, including slab rates and inter-bank charges, for publication on the RBI website within one week.
What changed
RBI decided to publish banks' service charges for electronic payment products (RTGS, SEFT, EFT, ECS) on its website to enable customer comparison. Banks must now report pricing for outward and inward remittances, whether charges are per transaction or slab-based, and any differential charges for inter-bank remittances. This is an ongoing exercise requiring updates whenever pricing or products change.
What it means for you
Banks must now disclose their fee structures for electronic payment services transparently, allowing customers to compare costs across institutions. This increases competitive pressure on pricing and may lead to standardization or reduction in charges. Banks need to ensure their internal systems can capture and report these details accurately and promptly.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Submit service charge details for RTGS, SEFT, EFT, and ECS (both outward and inward) to RBI within one week using the prescribed format.
Clearly specify whether charges are per transaction or slab-based, and disclose any special inter-bank remittance charges.
Notify RBI promptly whenever pricing changes or new products are introduced or withdrawn.
Designate a responsible official to handle this reporting and ensure data accuracy.
Who it affects
All RTGS member banks, Banks offering ECS, EFT, SEFT services, Bank customers using electronic payment systems
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-19 20:17 IST
Superseded by — RBI Circular dated 11.06.2019 on 'National Electronic Funds Transfer (NEFT) and Real Time Gross Settlemen
Status change: superseded09 Jul 2026, 04:03 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What information do banks need to submit to RBI?
Banks must provide service charges for outward and inward remittances under RTGS, SEFT, EFT, and ECS, including whether rates are per transaction or slab-based, and any special charges for inter-bank remittances.
How quickly must banks respond to this circular?
Banks must send their reply within one week from the circular date (July 13, 2005), either by post or fax to 022-22691557.
Will this information be updated regularly?
Yes, RBI treats this as an ongoing exercise. Banks must inform RBI whenever there is a change in pricing or when a new product is introduced or withdrawn.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Superseded byRBI Circular dated 11.06.2019 on 'National Electronic Funds Transfer (NEFT) and
📜 Read the original circular — full text as issued by RBI
RBI/2005-06/53
DPSS(CO)Cir.No.04/10.01.01 /2005-2006 July 13, 2005
To
The Chairman/Chairman & Managing Director/CEO all RTGS member banks
Dear Sir / Madam, RTGS and other payment systems service charges
As you are aware, over a period of time RBI has introduced a host of electronic payment products like ECS (Credit), ECS (Debit), EFT, SEFT and the Real Time Gross Settlement (RTGS) System. All these systems have since stabilized. We are also happy to observe that member banks have started developing payment service products based on RTGS / SEFT / EFT / ECS infrastructure to meet the funds transfer requirements of their customers. These products are used by customers depending upon their business need, time criticality and the price at which the products are offered by the banks. 2.With a view to disseminating information on the various products offered by banks, it has now been decided to publish such information on the RBI Website alongwith the particulars of service charges. Therefore, the banks are advised to furnish the information on pricing of services for the outward remittances as well as for inward receipts, if any. This would provide a comparative picture to the bank customers regarding the range of products in different banks and their pricing policies.
3 The information being furnished by you may please include the following data:
a) whether service charges are levied only for outward remittances or for inward receipts as well?
b) whether published rate is on per transaction basis or on amount slab basis? (Details thereof to be given, if amount slabs are used).
c) whether your bank levies differential charges when other banks use your RTGS / EFT as customers of your bank (say inter-bank remittances)?
4. As this is an ongoing exercise, the banks are advised to inform us whenever there is a change in pricing or when a new product is introduced or withdrawn.
Your bank's reply should reach us within a week's time or faxed to 022-22691557 using the enclosed format. Yours faithfully,
(A P Hota)
Chief General Manager
Annex
Service Charges for Electronic Payments Service offered by banks to their customers
Name of the bank:
Scheme/ Services
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2005-06/53 · issued 13 Jul 2005. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2385&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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