SBI cuts money transfer charges for NEFT and RTGS by up to 75%; see full list

India's largest bank the State Bank of India (SBI) on Thursday said that it is reducing charges on NEFT and RTGS money transfers by up to 75%. 

SBI said, "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 1st July 2017."

As on 31st March, 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, SBI said. 

NEFT charges: 

SBI said that for NEFT transactions up to Rs 10,000, rates are being revised to Re 1 from Rs 2 earlier. Money transferred between Rs 10,001 to Rs 1 lakh will now be charged Rs 2 instead of Rs 4, while for money tranasfers between Rs 1 lakh and Rs 2 lakh will be charged only Rs 3 instead of Rs 12 earlier. 

SBI said that the bank will charge only Rs 5 instead of Rs 20 for NEFT money transfers for amounts greater than Rs 2 lakh. 

RTGS charges: 

SBI said that for RTGS tranfers, the bank will charge Rs 5 instead of Rs 20 for tranfers between Rs 2 lakh to Rs 5 lakh while for RTGS tranfers of over Rs 5 lakh, charges will be Rs 10 instead of Rs 40. 

Rajnish Kumar, Managing Director – NBG, SBI said, “Digitalisation and excellence in operations is one of our core strategies in providing convenience to customers. It has resulted in reducing turnaround time along with extended benefits to the customers. 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.”