SBI reduces NEFT, RTGS charges by 75 pc

SBI reduces NEFT, RTGS charges by 75 pc


New Delhi: Leading public sector lender State Bank of India (SBI) today reduced charges for NEFT and RTGS transactions upto 75 per cent, effective from July 15, 2017. The reduced charges will be applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank, the banker said in a statement. Additionally, bank has also waived charges for fund transfer of upto Rs 1,000 done through Immediate Payment Service (IMPS) effective July 1, 2017. Rajnish Kumar, Managing Director – NBG, SBI said, "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. 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." As on March 31, 2017, the bank had 3.27 crore Internet Banking customers and nearly two crore Mobile Banking customers. Along with customer convenience, this initiative will attract more customers towards transacting digitally. "We are committed towards increasing the share of digital initiatives in products, services and transactions, supported by technologically advanced backend operations," Mr Kumar added.

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