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SBI reduces NEFT, RTGS charges by 75%

NEFT

New Delhi: State Bank of India (SBI), on Thursday reduced the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges up to 75%, effective from 15 July.

In a move to promote digital transactions, the revised charges will be applicable on NEFT and RTGS transactions done through internet banking or mobile banking offered by the bank, SBI said in a statement.

NEFT and RTGS are electronic payment systems, which allow fund transfer between two accounts of different banks in the country.

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.

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