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SBI To Cut NEFT, RTGS Charges By Up To 75% To Promote Digital Transactions

SBI To Cut NEFT, RTGS Charges By Up To 75% To Promote Digital Transactions
New Delhi: In a push to digital payments, state-owned lender State Bank of India will cut charges on electronic transfer of funds through National Electronic Funds Transfer (NEFT) and Real-time Gross Settlement (RTGS) by up to 75 percent from July 15, benefitting nearly 5.27 crore customers, a release said. For transfers between Rs. 1 lakh and Rs. 2 lakh, the NEFT charge will be reduced to Rs. 3 from the existing Rs. 12. The charge above Rs. 2 lakh has been fixed at Rs. 5 as against the current Rs. 20.

"The reduced charges will be applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank," it said while releasing the revised NEFT and RTGS charges from July 15. As per the revised schedule, the NEFT charges on fund transfer up to Rs 10,000 has been halved to Re 1, and to Rs. 2 for up to Rs. 1 lakh.

Also Read: SBI Waives Charge On IMPS Fund Transfer Of Up To Rs. 1,000

For RTGS transactions, the charges will be Rs. 5 for transactions between Rs. 2 lakh and Rs. 5 lakh. Currently, the bank charges Rs. 20 for such transaction. If a customer transfers more than Rs. 5 lakh through the RTGS channel, he will be charged Rs. 10 as against Rs. 40, currently.
There are different charges if the fund transfers are made in bank branches through executives. All the new charges will attract GST rate of 18 percent.

The country's largest lender has also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS).

"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, State Bank of India.

At March-end, SBI had 3.27 crore Internet Banking customers and nearly 2 crore Mobile Banking customers. SBI is one of the top 50 global banks and the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The company had deposit base of Rs 25.85 lakh crore as on March 31 this year.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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About The Campaign

About The Campaign

NDTV along with MasterCard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.

The campaign aims to take the message of a cash free India to the country, all while educating them on the ways and means to do it.

We aim to reach out to people and educate them on:

1). Digital and financial literacy

2). New generation digital payment solutions

3). Enabling merchants and consumers to understand and adopt secured and safe payment Solutions

4). Ease of usage at point of sales