SBI makes online money transfer cheaper, cuts NEFT and RTGS charges

The move by SBI to reduce charges on online money transfer is meant to promote digital economy.

After lowering the Immediate Payment Service (IMPS) charges, the State Bank of India (SBI) on Thursday reduced charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions by up to 75% effective July 15.

The reduced charges will be applicable on the transactions done through internet banking and mobile banking services offered by the bank, according to an official statement in New Delhi on Thursday.

Additionally, bank has also waived charges for fund transfer of up to Rs 1,000 done through IMPS effective July 1, 2017.

“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,” said Rajnish Kumar, Managing Director – NBG, SBI.

As on March 31, 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.