SBI cuts NEFT, RTGS charges by up to 75%

SBI reduces charges for NEFT RTGS by upto 75

SBI reduces charges for NEFT RTGS by upto 75

Mumbai: The country's largest lender SBI has brought down charges on electronic transactions by as much as 75% with effect from July 15, 2017.

Additionally, the bank has also waived off charges for fund transfer of up to ₹1,000 done through Immediate Payment Service (IMPS) effective July 1, 2017. SBI's revised charges will benefit 3.27 crore customers of the bank who are registered for internet banking, and almost 2 crore customers using mobile banking. We believe that increasing number of PoS terminals (post demonetization, banks have been able to set-up 11.8 lakh extra PoS terminals) and ease of doing digital transaction will increase this level further. The money transfers above Rs 2 lakh will be Rs 1 lower than the existing rate of Rs 20. However, GST of 18 percent will be applicable on the charges. Apart the IMPS fund transfer can also be made through ATM, Internet Banking etc.

Earlier, SBI charged Rs 2 for fund transfers up to Rs 10,000 through NEFT using internet or mobile banking modes. According to Rajnish Kumar, MD, SBI, the revision in charges is a part of the bank's strategy to promote digitisation and improve efficiency in operations.

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For transferring amounts higher than two lakh rupees through NEFT, SBI will charge only Rs 5 after a 75 per cent decline from earlier charge which were to the tune of Rs 20. However, SBI does have a "Quick transfer" option which allows customers to transfer up to Rs 5,000 without adding the payees as beneficiaries. Along with customer convenience, this initiative will attract more customers towards transacting digitally.

IMPS is an instant interbank electronic fund transfer service through mobile phones as well as internet banking. For instance, a customer who initiates a real time gross settlement (RTGS) of over Rs 2 lakh in a branch will have to pay Rs 25 (excluding goods and services tax) at the branch.

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