SBI reduces NEFT, RTGS charges by up to 75 per cent

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 at Rs. 20 earlier.

New Delhi, July 13: State Bank of India, the largest commercial bank in the country has decreased charges for NEFT and RTGS transactions by up to 75 per cent, effective from July 15, 2017 owing to an increasing number of consumer grievances about rising banking charges as well as directives given by the government's stress on boosting digital transactions.

The reduced charges will be applicable on the transactions done through internet banking and mobile banking services offered by the bank, the bank said in an official statement here on Thursday.

Charges applicable will be effective from July 15

• Charge for fund transfers up to Rs. 10,000 halved to Rs. 1 excluding GST
• Charges for fund transfers up to Rs. 1,000 through IMPS waived

SBI had earlier waived charges for fund transfers of up to Rs. 1,000 through Immediate Payment Service or IMPS effective July 1, 2017. 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. The IMPS service is available 24x7, including holidays.

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