The move has been seen as an attempt to promote digital transactions among customers.
The revised charges will be applicable on NEFT and RTGS transactions done through internet banking or mobile banking offered by the bank, SBI said in a statement. NEFT and RTGS are electronic...
payment systems, which allow fund transfer between two accounts of different banks in the country.
Earlier, the country's largest lender used to charge Rs. 2 for fund transfers up to Rs. 10,000 through NEFT using internet or mobile banking modes.
Now that has been reduced to Rs 1 (excluding 18 per cent GST). For NEFT transactions from Rs 10,000 to Rs 1 lakh, the charge has been reduced to Rs. 2 from Rs. 4 earlier. Similarly, SBI has revised its fees for fund transfers between Rs 2 lakh and Rs 5 lakh through RTGS on its net and mobile banking platform, to Rs 5. This charge was Rs 20 earlier.
"Digitalization and excellence in operations is one of our core strategies in providing convenience to customers. It has resulted in reducing turnaround time along with extended benefits to the customers.," said Rajnish Kumar, managing director (NBG) at SBI.
"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," he added.
There should not be any charges for RTGS and NEFT. All private banks are letting their customers do it for free and i dont know why Sbi wants to charge unnecessarily.
Additionally, the bank had also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1, 2017, the statement said. IMPS is a money transfer service that can be carried out though 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 through mobile phone or internet banking.
Earlier this year, SBI joined the league of global top 50 banks after merging its operations with five associate banks and Bharatiya Mahila Bank. On April 1, State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) became part of SBI.
With this merger, the bank will join the league of top 50 banks globally in terms of assets, it added. The total customer base of the bank will reach 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The merged entity will have a deposit base of more than Rs26 lakh crore and advances level of Rs18.50 lakh crore.
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