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.