Good News For SBI Users: State Bank of India Reduces NEFT, RTGS Money Transfer Charges By 75%

Vamshi Krishna

In a move to promote digital transactions, the country’s largest lender, State Bank of India (SBI), has reduced its fees for online money transfer services like the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges up to 75%, effective from 15 July.

The revised charges will be applicable on NEFT and RTGS transactions are done through internet banking or mobile banking offered by the bank, SBI, said in a statement.

SBI

NEFT and RTGS are electronic payment systems, which allows 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 the 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.

NEFT Transactions:

AmountCharges for branch channelCharges for net and mobile banking (exclusive of GST)
(exclusive of GST)OldRevised
Up to Rs.10,000/-Rs.2.50/-Rs.2/-Rs.1/-
From Rs.10,001/- to Rs.1 lakhRs.5/-Rs.4/-Rs.2/-
Above Rs.1 lakh up to Rs.2 lakhRs.15/-Rs.12/-Rs.3/-
Above Rs.2 lakhRs.25/-Rs.20/-Rs.5/-

RTGS Transactions:

From Rs.2 lakh to Rs.5 lakhRs.25/-Rs.20/-Rs.5/-
Above Rs.5 lakhRs.50/-Rs.40/-Rs.10/-

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

SBI money transfer charges reduced

“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 the use of internet banking and mobile banking for doing NEFT and RTGS transactions by reduction of the charges,” he added.

Earlier, SBI had also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1, 2017. IMPS is a money transfer service that can be carried out through 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.

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