Prime News, Nation, New Delhi, July 13:- The State Bank of India (SBI) on Thursday reduced charges on National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) by whopping 70 percent effective from July 15.
NEFT and RTGS are electronic payment systems, which allows fund transfer between two accounts of different banks in the country.
SBI earlier used to charge RS 2 for fund transfers up to Rs. 10,000 through NEFT using the internet or mobile banking service, now the charges have been reduced to Rs 1 excluding 18 per cent GST.
The funds transferred through RTGS on its net and banking platform reduced to Rs 5 from Rs 20
SBI statement said that effective July 1, 2017, the bank also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS).
The IMPS service helps to transfer money to the beneficiary’s account immediately when a fund transfer request is made through mobile phone or internet banking.
-(NAV, Inputs: Agencies)