SBI cuts NEFT, RTGC charges by up to 75%

Tags: News
After reducing the Immediate Payment Service (IMPS) charges, the country’s largest lender State Bank of India on Thursday announced lowering charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) by up to 75 per cent effective July 15. The reduced charges will be applicable on transactions done through internet banking and mobile banking services offered by the bank, SBI said in a release.

As on March 31, SBI had 3.27 crore internet banking customers and nearly 2 crore mobile banking customers.

Along with customer convenience, this initiative will attract more clients towards transacting digitally, said SBI. Rajnish Kumar, MD, national banking, SBI, said, “In sync with our strategy and complementing the government focus on digital economy, we’ve taken one more step to promote the use of internet banking and mobile banking for doing NEFT and RTGS transactions by reduction of charges.”

“We are committed towards increasing the share of digital initiatives in products, services and transactions, supported by technologically advanced backend operations,” Kumar added.

Additionally, the bank has also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1. For IMPS transfers from Rs 1,001 to Rs. 1 lakh, the charge is Rs 5 plus goods and services tax (GST).

For transfers from Rs 100,001 to Rs 2 lakh, users would need to pay a charge of Rs 15, plus GST. For transfer amount of Rs 200,001 to Rs 5 lakh, the charge is Rs 25 per transaction plus GST.

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