SBI reduces NEFT, RTGS charges by 75%

SBI reduces NEFT, RTGS charges by 75%

The country’s largest lender, State Bank of India (SBI) has cut the National Electronic Funds Transfer (NEFT) and real-time gross settlement (RTGS) to 75%, beginning July 15.
In order to promote digital transactions.

The revised charges will apply to Neft and SLBTR transactions through Internet banking or mobile banking services offered by the bank, OSE said in a statement.

NEFT and RTGS are electronic payment systems, which allow the transfer of funds between accounts in different banks.

Previously, OSE poured Rs. 2 for the transfer of funds up to Rs. 10,000 for Neft modes using the Internet or mobile banking. It has now been reduced to Rs 1 (excluding 18% GST).

For Neft transactions of Rs 10,000 to Rs 1 lakh, the charge was reduced to Rs.

2 Rs. 4 above. Similarly, OSE has revised its money transfer rates between Rs 2 lakh and Rs 5 lakh through RTL on its mobile banking platform and network, to Rs 5. This charge was Rs 20 earlier.

“Analysis and excellence in operations is one of our key strategies to provide customer comfort.

This has reduced delivery time and extended customer benefits, “said Rajnish Kumar, General Manager (NBG) to the SBI.

“In line with our strategy and completing the Indian Government’s goal to create a digital economy, we have taken a step further to promote the use of Internet banking and mobile banking for NEFT RTB transactions and cost reduction,” He added. .
The latest review

In addition, the bank has also waived up to a fund transfer fee of Rs 1000 carried through the immediate payment service (IMPS) from July 1, 2017, according to the statement.

IMPS is a money transfer service that can be achieved with mobile phones or Internet banking.

The IMPS service helps to transfer money to the beneficiary’s account immediately when a fund transfer request is made by mobile phone or Internet.

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