diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
index 0966334b8..b108d6df5 100644
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -2982,8 +2982,16 @@ static UniValue settxfee(const JSONRPCRequest& request)
     LOCK2(cs_main, pwallet->cs_wallet);
 
     CAmount nAmount = AmountFromValue(request.params[0]);
+    CFeeRate tx_fee_rate(nAmount, 1000);
+    if (tx_fee_rate == 0) {
+        // automatic selection
+    } else if (tx_fee_rate < ::minRelayTxFee) {
+        throw JSONRPCError(RPC_INVALID_PARAMETER, strprintf("txfee cannot be less than min relay tx fee (%s)", ::minRelayTxFee.ToString()));
+    } else if (tx_fee_rate < pwallet->m_min_fee) {
+        throw JSONRPCError(RPC_INVALID_PARAMETER, strprintf("txfee cannot be less than wallet min fee (%s)", pwallet->m_min_fee.ToString()));
+    }
 
-    pwallet->m_pay_tx_fee = CFeeRate(nAmount, 1000);
+    pwallet->m_pay_tx_fee = tx_fee_rate;
     return true;
 }
 
diff --git a/test/functional/wallet_bumpfee.py b/test/functional/wallet_bumpfee.py
index dd95bb5e2..a49590df1 100755
--- a/test/functional/wallet_bumpfee.py
+++ b/test/functional/wallet_bumpfee.py
@@ -31,7 +31,7 @@ class BumpFeeTest(BitcoinTestFramework):
     def set_test_params(self):
         self.num_nodes = 2
         self.setup_clean_chain = True
-        self.extra_args = [["-deprecatedrpc=addwitnessaddress", "-walletrbf={}".format(i)]
+        self.extra_args = [["-deprecatedrpc=addwitnessaddress", "-walletrbf={}".format(i), "-mintxfee=0.00002"]
                            for i in range(self.num_nodes)]
 
     def run_test(self):
@@ -190,6 +190,8 @@ def test_dust_to_fee(rbf_node, dest_address):
 
 
 def test_settxfee(rbf_node, dest_address):
+    assert_raises_rpc_error(-8, "txfee cannot be less than min relay tx fee", rbf_node.settxfee, Decimal('0.000005'))
+    assert_raises_rpc_error(-8, "txfee cannot be less than wallet min fee", rbf_node.settxfee, Decimal('0.000015'))
     # check that bumpfee reacts correctly to the use of settxfee (paytxfee)
     rbfid = spend_one_input(rbf_node, dest_address)
     requested_feerate = Decimal("0.00025000")