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Central Bank of India has made all National Electronic Funds Transfer transactions up to Rs 1 lakh free from levy of any charges with effect from July 1, 2012.
This move is to promote payments through electronic mode to increase efficiency and reduce cost by realising the potential of technology and rationalisation of charges.
The reduced charges will not only facilitate customers to undertake transactions through electronic mode, but it will also save the cost of transactions to the bank vis-à-vis physical transactions, said the bank in a statement.
It is, especially, aimed at benefitting customers undertaking small value transactions.
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