India

SBI cuts NEFT, RTGS charges by up to 75%

13 Jul 2017 | By Gogona Saikia
Digital India: SBI cuts NEFT, RTGS, IMPS charges

The SBI has reduced charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) by up to 75%, to be implemented from July 15.

This will be applicable on all transactions done through mobile or internet banking services.

The development comes a day after the bank waived charges on transfers of up to Rs. 1,000 through the Immediate Payment Service (IMPS).

In context: Digital India: SBI cuts NEFT, RTGS, IMPS charges

13 Jul 2017SBI cuts NEFT, RTGS charges by up to 75%

CostsWhat does this mean?

Earlier, SBI charged Rs. 2 (excluding 18% GST) on transfer of up to Rs. 10,000 through NEFT; now it has come down to Re. 1.

For transfers between Rs. 10,001 to 1L, charges are now Rs. 2 instead of Rs. 4. For all higher brackets of transactions, charges have been reduced by 75%.

In RTGS, transfers above Rs. 2L will also cost 75% less.

Love India news?
Stay updated with the latest happenings.

Move aimed at creating digital economy

"In sync with our strategy and complementing focus of GOI to create a digital economy, we've taken one more step to promote use of internet banking and mobile banking for doing NEFT and RTGS transactions by reduction of charges," said Rajnish Kumar, SBI MD (NBG).