SBI reduces NEFT, RTGS money transfer charges by 75%
India’s largest bank State Bank of India (SBI) has reduced the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges up to 75%. The new charges on NEFT and RTGS transactions done through internet banking or mobile banking will be started from 15 July.
The idea is to promote use of internet banking and mobile banking for doing NEFT and RTGS transactions by lowering the charges.
NEFT and RTGS are electronic payment systems, which allow customers to transfer funds between two accounts of different banks in the country.
Earlier, the bank used to charge Rs 2 for fund transfers up to Rs. 10,000 through NEFT using internet or mobile banking modes. Now it has been reduced to Rs 1 (without 18% GST).