RBI issues new domestic money transfer guidelines, retains Rs 50,000 NEFT remittance limit

Kolkata: The Reserve Bank of India on Wednesday issued a consolidated guidelines on domestic money transfer of small value funds without changing the remittance ceiling.

The central bank reiterated that a walk-in customer at a bank branch can remit funds up to Rs 50,000 to the bank account of a beneficiary through NEFT, while the maximum amount that may be transferred under the cash pay-out service is maintained at Rs 10,000 per transaction, with an overall monthly ceiling of Rs 25,000 per beneficiary.

Banks are allowed to provide services which facilitate transfer of funds from the accounts of their customers for delivery in cash to the recipients not having bank accounts at an ATM or through an agent appointed as business correspondent.


Banks are told to allow such customers to transfer funds to a bank account of a beneficiary through business correspondents or ATMs up to a maximum amount of Rs 5,000 per transaction with a monthly cap of Rs 25,000 per remitter.

Fund transfers under these directions are expected to be effected on a real-time or near-real-time basis, the central bank said.