CHEQUE COLLECTION CHARGES MAXIMUM-150/- per cheque!!!!!
Dear Friends,
The News is old a Bit but what I noticed in practical life that Banks are still charging at Higher rates, so refer The Given RBI circular to Your banker and save money from Undue charges. Lets Fight for our rights.
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I am in favour of deregulation of all type of business by bank on commercial terms but a month ago I realize that how much wrong I was.I have deposited a cheque of dividends of 75 Rs Havell India a outstation cheque in my bank and they have credited the my bank account with 75 Rs after 10 days and also debited my account with 85 Rs charge 50 Rs minimum charges plus 35 courier charges means net debit of Rs 10.Then I thought that this type of discretionary charges by banks are not in favour of small depositor and I should report this to RBI but like all other passive persons in the community I forgot about the issue in next two three days...But as you know all Indian are not passive and some active persons has brought this charges to the kind notice of the RBI and I am very thankful to RBI that they have issued a Instruction which is applicable to all Banks with Immediate Effect from date of issue of Circular i e 8.10.2008. Detail Of circular is given here under
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Date: 08/10/2008
Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
RBI / 2008-09 / 207
DPSS.CO.No. 611 / 03.01.03(P) / 2008-09
October 8, 2008
The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks
Madam / Dear Sir,
Levy of Service Charges for Electronic Payment Products and
Outstation Cheque Collection
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.
Yours faithfully
(G. Padmanabhan)
Chief General Manager
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so where as earlier banks were charging on percentage basic on full amount plus out of pocket charges but now for collection of outstation cheque charges ,RBI has delink % commission charges and fixed a upper ceiling as well .Earlier commission rates Collection of outstation cheques were 2 Rs per thousand to 5 or more Rs/thousand and varies from bank to bank and nature of account you have with the bank.
I have browsed some bank websites and the existed rates of collection for common saving account and given a benefit chart for cheque amounting to Rs 100,1000,10000,100000,500000 means comparison of charges on the basic of old rate and and rate based upon new circular by RBI as below
COMPARISON OF COMMISSION CHARGED BY BANK AND AS PER NEW RATE BY RBI
| OUT STATION | HDFC BANK | ICICI BANK | SBI BANK |
| CHEQUE AMOUNT | OLD RATE | NEW RATE (MAXI) | BENE FIT | OLD RATE | NEW RATE (MAXI) | BENE FIT | OLD RATE | NEW RATE (MAXI) | BENE FIT |
| 100 | 50 | 50 | 0 | 75 | 50 | 25 | 50 | 50 | 0 |
| 500 | 50 | 50 | 0 | 75 | 50 | 25 | 50 | 50 | 0 |
| 1000 | 50 | 50 | 0 | 75 | 50 | 25 | 50 | 50 | 0 |
| 10000 | 90 | 50 | 40 | 75 | 50 | 25 | 60 | 50 | 10 |
| 25000 | 187.5 | 100 | 87.5 | 112.5 | 100 | 12.5 | 100 | 100 | 0 |
| 50000 | 350 | 100 | 250 | 200 | 100 | 100 | 175 | 100 | 75 |
| 100000 | 675 | 100 | 575 | 375 | 100 | 275 | 325 | 100 | 225 |
| 200000 | 1325 | 150 | 1175 | 725 | 150 | 575 | 625 | 150 | 475 |
| 500000 | 3275 | 150 | 3125 | 1775 | 150 | 1625 | 1525 | 150 | 1375 |
| 1000000 | 6525 | 150 | 6375 | 3525 | 150 | 3375 | 3025 | 150 | 2875 |
- RATES ARE GIVEN ON THE BASIS WHERE ICICIBANK OR HDFCBANK BRANCH DOES NOT EXIST.
- OUT OF POCKET CHARGES ARE ASSUMED AS 25 RS PER TRANSACTION
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