In a move to promote digital transactions, State Bank of India has reduced its fees for online money transfer services – NEFT (national electronic funds transfer) and RTGS (real time gross settlement) transactions – by up to 75 per cent.
The revised charges will be applicable on NEFT and RTGS transactions done through internet banking or mobile banking offered by the bank and will be effective from July 15, 2017, SBI, the country’s biggest lender, said in a statement.
NEFT and RTGS are electronic payment systems, which allow fund transfer between two accounts of different banks in the country.
Earlier, SBI charged 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 GST of 18 per cent).
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 at Rs 20 earlier.