When making fund transfer through SBI's NEFT and RTGS, customers will not be charged any penny with effect from July 1, 2019 as the RBI has given up on the processing as well as time varying charges in respect of any outward transaction via RTGS and NEFT.
And SBI has now in line with other banks has passed on the benefit to end customers an made the transfer free of cost.
The fund transfer via NEFT and RTGS at zero cost will give an impetus to the digital fund transfer.
So, irrespective of the mode of fund transfer and amount involved in the transaction, the charges will be Nil.
Notably, IMPS charges will continue to be charged and the banks may even increase it.