SBI cuts down NEFT and RTGS charges by 75 percent
Posted on: 14/Jul/2017 10:19:54 AM
As an initiative to promote digital payments, state-owned lender SBI will reduces charges imposed on electronic fund transfer via RTGS or NEFT. From Saturday, about 75 percent cut down will be imposed, and this will benefit 5.27 crore customers, said a release.
For all internet banking and mobile banking services, this price cut down is applicable, said an RBI statement that announced the amendment of charges towards NEFT and RTGS from 15th July.
Revised charges:
As per the new charges, for funds transfer up to Rs 10,000, the charge is halved and is Re 1. For transactions up to Rs 1 lakh, the charge will be Rs 2. Between Rs 1 lakh and Rs 2 lakh transactions, the NEFT transaction charge is brought down to Rs 3 whereas the same was Rs 12 earlier. For transactions beyond Rs 2 lakh, the charge is Rs 5 against earlier Rs 20.
In case of RTGS transactions, transactions between Rs 2 lakh and Rs 5 lakh will attract Rs 5 as charge. At present, these transactions are quoted Rs 20 as charge. For transactions above Rs 5 lakh, the charge will be Rs 1 whereas the same is at present Rs 40. The bank transactions done through executives at bank branches, the charges will be different.
