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.