SBI cuts NEFT, RTGS charges by up to 75%

Tribune News Service

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New Delhi, July 13

In a bid to drive digital transactions, SBI has reduced charges for NEFT and RTGS transactions by up to 75% with effect from July 15.

The reduced charges will be applicable on the transactions done through internet banking and mobile banking. Additionally, the bank has also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1.

SBI has 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.

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

As per a report by the Economic Research Department of SBI, owing to demonetisation and Budget 2017-18 initiatives, the credit/debit card transactions have increased stupendously post-demonetisation.