SBI reduces NEFT, RTGS charges upto 75%

The country's largest public sector bank, State Bank of India (SBI), has reduced charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions upto 75 per cent effective from July 15, it said in a statement here on Thursday.

The reduced charges will be applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank. Additionally, bank has also waived charges for fund transfer of upto Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1, 2017, the statement said.

"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 - NBG, SBI.

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