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SBI to cut NEFT, RTGS charges by up to 75% from Saturday

Friday, July 14, 2017

In a push to digital payments, state-owned lender SBI will cut charges on electronic transfer of funds through NEFT and RTGS by up to 75% from Saturday, benefiting nearly 5.27 crore customers, a release said yesterday.

"The reduced charges will be applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank," it said while releasing the revised NEFT and RTGS charges from July 15.

As per the revised schedule, the NEFT charges on fund transfer up to Rs 10,000 has been halved to Re 1, and to Rs 2 for up to Rs 1 lakh.

For transfers between Rs 1 lakh and Rs 2 lakh, the NEFT charge will be reduced to Rs 3 from the existing Rs 12. The charge above Rs 2 lakh has been fixed at Rs 5 as against the current Rs 20.

For RTGS transactions, the charges will be Rs 5 for transactions between Rs 2 lakh and Rs 5 lakh. Currently, the bank charges Rs 20 for such transaction.

If a customer transfers more than Rs 5 lakh through the RTGS channel, he will be charged Rs 10 as against Rs 40 currently.

There are different charges if the fund transfers are made in bank branches through executives.

All the new charges will attract GST rate of 18%. The country's largest lender has also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS).

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