A Step Towards Progress, SBI Reduced upto 75% Charges on NEFT and RTGS

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SBI (STATE BANK OF INDIA) took a decision on Thursday regarding the reduction in the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges up to 75%, Which will be effective from 15 July. A very positive decision taken by the country’s largest lender SBI for the growth of our country.

After lowering the Immediate Payment Service (IMPS) charges, the State Bank of India BSE 0.42 % (SBI) has 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 on Thursday. NEFT and RTGS are electronic payment systems, which allow fund transfer between two accounts of different banks in the country.

As per the previous version 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). Rs 10,000 to Rs 1 lakh amount has been reduced to Rs. 2 from Rs. 4 earlier as for NEFT transactions. 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.

Rajnish Kumar, managing director (NBG) at SBI said “Digitalization and excellence in operations is one of our core strategies in providing convenience to customers. It has resulted in reducing turnaround time along with extended benefits to the customers.

He further added “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.”

The charges of this will be applicable on NEFT and RTGS transactions done through internet banking or mobile banking offered by the bank 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.

SBI had 3.27 crore Internet Banking customers on March 31, 2017 and nearly 2 crore mobile banking customers. Along with customer convenience, this initiative will attract more customers towards transacting digitally.

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.
 SBI had earlier waived charges for fund transfers of up to Rs. 1,000 through Immediate Payment Service or IMPS effective July 1, 2017. The money transfer done by IMPS is a 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 24×7, including holidays.
1. SBI says charges applicable will be effective from July
2. Charge for fund transfers up to Rs.10,000 halved to Rs. 1 excluding GST
3. SBI earlier waived charges for fund transfers up to Rs. 1,000 through IMPS

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