SBI Reduces NEFT, RTGS charges by up to 75%

State Bank of India (SBI) too is slowly waking up to public anger about rising bank charges.

On Thursday, the state-run lender decided to reduce charges by up to 75% on national electronic funds transfer (NEFT) and real time gross settlement system (RTGS), while waiving charges on interbank mobile or immediate payment service (IMPS) for transfers of up to Rs1,000.

In a release, SBI says, “The reduced charges will be applicable from 15 July 2017 on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank.”

Earlier, SBI used to charge 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 18 per cent GST). 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 Rs 20 earlier.

Here are new reduced charges of SBI on NEFT and RTGS…

Additionally, the bank had also waived charges for fund transfer of upto Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1, 2017, the statement said. 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.

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