IBFT charges are fees associated with Inter Bank Funds Transfer (IBFT) transactions. These charges are applied when transferring funds from one bank to another. Generally, banks offer a certain limit of free IBFT transactions per month. Once that limit is exceeded, charges are applied.
Here's a breakdown of how IBFT charges typically work:
- Free Limit: Many banks provide a free IBFT transaction limit, usually up to a certain amount per month.
- Charges Beyond the Limit: When the total transaction amount exceeds the free limit, a fee is levied on the additional amount.
Here's a detailed explanation based on the provided information:
IBFT Charge Structure
| Feature | Details |
|---|---|
| Free IBFT Limit | Up to Rs. 25,000 per month / per account |
| Charges Above Limit | 0.1% of the transaction amount or Rs. 200, whichever is lower. |
Example Scenario
Suppose you transfer Rs. 30,000 in a month via IBFT from your account.
- Free Limit: Rs. 25,000
- Amount Exceeding Limit: Rs. 30,000 - Rs. 25,000 = Rs. 5,000
- Charge Calculation:
- 0.1% of Rs. 5,000 = Rs. 5
- Since Rs. 5 is less than Rs. 200, the charge will be Rs. 5.
Therefore, in this example, the IBFT charge would be Rs. 5.
