The new charges will be effective from Saturday, the bank said in an official statement.
State Bank of India on Thursday reduced its National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges by up to 75 percent. The reduced charges will be applicable on internet banking transactions and mobile banking transactions.
The new charges will be effective from July 15 (Saturday), the bank said in an official statement.
On Wednesday, the bank had waived off Immediate Payment Service (IMPS) charges for transactions up to Rs 1000, effective July 1.
NEFT and RTGS transaction charges table effective from 15th July, 2017:
The bank expects the reduction in charges to push customers towards digital transactions and boost the government’s Digital India initiative. India’s largest public sector bank had 3.27 crore internet banking customers and nearly 2 crore mobile banking customers as on March 31, 2017.
“Digitalization and excellence in operations is one of our core strategies in providing convenience to customers," said Rajnish Kumar, Managing Director – NBG, 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,” Kumar added.