SBI reduces charges for NEFT – RTGS

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Gujarat Global News Network, New Delhi

The State Bank of India (SBI) has reduced charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) upto 75 percent. The new rates will come in effect from July 15.

Earlier, SBI used to charge Rs. 2 for fund transfers up to Rs. 10,000 through NEFT using internet or mobile banking modes. Now that has been reduced to Rs 1 (excluding 18 per cent GST). For NEFT transactions from Rs 10,000 to Rs 1 lakh, the charge has been reduced to Rs. 2 from Rs. 4 earlier. Similarly, SBI has revised its fees for fund transfers between Rs 2 lakh and Rs 5 lakh through RTGS on its net and mobile banking platform, to Rs 5. This charge was Rs 20 earlier.

“In sync with our strategy and complementing the focus of Government of India to create a digital economy, we have taken one more step to promote use of internet banking and mobile banking for doing NEFT and RTGS transactions by reduction of the charges,” said Rajnish Kumar, managing director (NBG) at SBI.

Additionally, the bank had also waived charges for fund transfer of upto Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1, 2017, the statement said. IMPS is a money transfer service that can be carried out though mobile phones or internet banking. The IMPS service helps to transfer money to the beneficiary’s account immediately when a fund transfer request is made through mobile phone or internet banking.

 

 (For news in Hindi see our Hindi daily Chaupal Chronicle)

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