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SBI to cut NEFT, RTGS charges by up to 75%

SBI to cut NEFT, RTGS charges by up to 75%The reduced charges will be applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank, bank sources said.
The reduced charges will make transactions done through bank's internet banking and mobile banking cheaper
New Delhi : In a push to digital payments, state-owned lender SBI will cut charges on electronic transfer of funds through NEFT and RTGS by up to 75 per cent from Saturday, benefiting nearly 5.27 crore customers, a release said on Thursday.

“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.
A day after it waived charges on Immediate Payment System (IMPS) transactions of up to Rs 1,000, State Bank of India (SBI) on Thursday lowered transaction charges on transfers made through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) channels.
As per the revised schedule, the NEFT charges on fund transfer up to Rs 10,000 has been halved to Re 1, and to Rs 2 for up to Rs 1 lakh. For transfers between Rs 1 lakh and Rs 2 lakh, the NEFT charge will be reduced to Rs 3 from the existing Rs 12.

The charge above Rs 2 lakh has been fixed at Rs 5 as against the current Rs 20. For RTGS transactions, the charges will be Rs 5 for transactions between Rs 2 lakh and Rs 5 lakh.
NEFT transactions of up to Rs 10,000 will now attract a charge of Rs 1, transactions between Rs 1,001 and Rs 1 lakh will be charged at Rs 2, those between Rs 1 lakh and Rs 2 lakh will be charged Rs 3, while transactions involving higher amounts will be charged Rs 5. Earlier, these charges were Rs 2, Rs 4, Rs 12 and Rs 20, respectively.
Currently, the bank charges Rs 20 for such transaction. If a customer transfers more than Rs 5 lakh through the RTGS channel, he will be charged Rs 10 as against Rs 40 currently.

There are different charges if the fund transfers are made in bank branches through executives.

 All the new charges will attract GST rate of 18 per cent. The country’s largest lender has also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS).
RTGS transactions of between Rs 2 lakh and Rs 5 lakh will now be charged Rs 5, as against Rs 20 earlier, and those involving higher amounts will be charged Rs 10, down from Rs 40 earlier. The new charges, which are exclusive of the Goods and Services Tax (GST), will come into effect on Saturday. They will be applicable only to transfers made through internet or mobile banking.
“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 Ecowrap, the bank's research unit, said, "If demonetization had not happened, it would have taken three years more for credit and debit cards transactions on point of sales (PoS) terminals to reach the current level of Rs 70,000 crore (assuming a yearly growth rate of 25%). We believe that increasing number of PoS terminals (post demonetization, banks have been able to set-up 11.8 lakh extra PoS terminals) and ease of doing digital transaction will increase this level further. Similar trends are observed in the case of usage of pre-paid instruments (include m-wallet, PPI cards and paper vouchers) and mobile banking, too. PPI witnessed a sharp growth with transactions value worth Rs 10700 crore in May 2017 compared with Rs 5,100 crore in November 2016.

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. The company had deposit base of Rs 25.85 lakh crore as on March 31 this year.

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