Country's biggest lender State Bank of India has reduced its fees for online money transfer services NEFT (National Electronic funds transfer) and RTGS (real time gross settlement) transactions by up to 75 per cent. SBI said the details in a statement.
NEFT and RTGS allow fund transfer between two accounts of different banks in the country.
From July 15
The revised charges will be applicable on NEFT, and RTGS transactions are done through internet banking or mobile banking offered by the bank and will be effective from July 15, 2017.
NEFT and RTGS
Under NEFT payment instructions between banks are processed and settled on deferred net settlement (DNS) basis at fixed times during the day. Under RTGS, payment instructions between banks are processed and settled individually and continuously, on a real time basis, throughout the day. SBI Hikes Minimum Balance For Savings Account: Know The Charges
Earlier, SBI charged Rs 2 for fund transfers up to Rs 10,000 through NEFT using the internet or mobile banking modes. Now, this 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.
In a view to promoting fund transfers of small amount up to Rs 1000, SBI has waived off fees on fund transfers executed through IMPS or Immediate Payment Service yesterday. What Are The New SBI Service Charges?