New Delhi, July 14: State bank of India (SBI) has cut charges for National Electronic Funds Transfer and Real Time Gross Settlement transactions by up to 75%. NEFT fee for transactions up to 10,000 rupees has been cut to 1 rupees from 2 rupees earlier.
For transactions between 10,000 rupees and 1 lakh rupees, NEFT fee has been cut to 2 rupees from 4 rupees. RTGS fee for transactions between 2 lakh rupees to 5 lakh rupees has been cut to 5 rupees from 20 rupees and those above 5 lakh rupees are charged 10 rupees as against 40 rupees earlier.
"The reduced charges will be applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank," it said while releasing the revised NEFT and RTGS charges from July 15.
"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, State Bank of India.
At March-end, SBI had 3.27 crore Internet Banking customers and nearly 2 crore Mobile Banking customers. SBI is one of the top 50 global banks and the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees.