Here's what top Indian banks charge you for transferring money online
A glimpse of the IMPS, NEFT and RTGS charges via NET and Mobile banking in SBI, ICICI and HDFC banks.
State of Bank of India (SBI) has cut the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges by up to 75 percent just a day after it waived off charges on Immediate Payment Service (IMPS) fund transfer of up to Rs 1,000. The measures make it certain the country's largest lender is planning to boost digital payments.
But competitive pressures are many. According to a Financial Express report, ICICI and HDFC banks are SBI's closest competitors in digital transactions and already earn more than the public sector major.
Here's a look at how the three banks -- SBI, ICICI Bank and HDFC Bank -- stack up on ease of digital transactions
> State Bank of India still charges for inward bank transactions, i.e, SBI-to-SBI fund transfers. Inward bank transactions are free in HDFC and ICICI.
> ICICI scores in the aspect of adding beneficiaries or "payees" which account holders add for fund transfers. While ICICI offers immediate fund transfers, HDFC takes 30 minutes to add a beneficiary while SBI takes 4 hours. However, SBI does have a "Quick transfer" option which allows customers to transfer up to Rs 5,000 without adding the payees as beneficiaries.
> Even though in HDFC it takes 30 minutes to add a beneficiary, you can only transfer funds up to Rs 50,000 for two days. Only after two days, you can transfer funds above Rs 50,000.
> There are other riders too. If you approach your SBI branch for a fund transfer to SBI payee of another branch even within the city, the same charges as intra-bank transactions will be applicable. These charges are not applicable for interbank transactions, including over the counter, in HDFC and ICICI.
> Earlier, IMPS in SBI was not available 24x7. There was a time restriction and it could be done only till 8 pm on all working days.
(Scroll the spreadsheet to know the details)(Sources - HDFC, ICICI, SBI -1, 2)