The State Bank of India (SBI) on Thursday lowered charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) up to 75 per cent July 15 onwards.
According to reports, the reduced charges will be applicable on mobile banking and net banking.
The bank also lowered Immediate Payment Service (IMPS) charges.
Earlier, SBI used to charge INR 2 for fund transfers up to INR 10,000 through NEFT using the internet or mobile banking mode. Now that has been reduced to INR 1 (excluding 18 per cent GST).
For NEFT transactions from INR 10,000 to INR 1 lakh, the charge has been reduced to INR 2 from INR 4 earlier. Similarly, SBI has revised its fees for fund transfers between INR 2 lakh and INR 5 lakh through RTGS on its net and mobile banking platform, to INR 5. This charge was INR 20 earlier.
The bank has also waived charges for transactions up to INR 1,000 done through IMPS.