OREANDA-NEWS. July 16, 2012. Central Bank of India has made all NEFT transactions upto Rs. 1 lac free from levy of any charges with effect from 1st July 2012 with a view to promote payments through electronic mode so as to increase efficiency and reduce cost by realizing the potential of technology and rationalization of charges.

The reduced charges will not only facilitate customers to undertake transactions through electronic mode, it will also save the cost of transactions to the Bank vis­a-vis physical transactions. The initiative stepped into by the Bank will benefit more customers undertaking small value transactions.