Mumbai: Fund transfer through RTGS and NEFT systems is set to become cheaper from Monday after the RBI decided it will not impose any charges on such transactions.

After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India  had also asked banks to pass on the benefits to customers.

The real-time gross settlement (RTGS) system is meant for large-value instantaneous fund transfers, while the national electronic funds transfer (NEFT) system is used for fund transfers of up to Rs 2 lakh.

The RBI has also set up a committee to examine ATM charges and fee amid demands for a review.