In a welcome development for customers, the State Bank of India (SBI) has lowered the RTGS and NEFT charges by up to 75%. This decision comes right after the IMPS (Immediate Payment Service) charges were lowered by the State Bank of India sometime earlier. SBI has confirmed reduction in the charges for NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) transactions up to 75%. This decision will be effective from the 15th of July, 2017 and has earned praise from existing customers.
The lowered charges will apply on the transactions that are executed through mobile banking and internet banking services offered by the State Bank of India as per the official statement that was released. The bank has also decided to waive off charges pertaining to fund transfer of up to Rs.1,000 carried out through the IMPS mechanism. This will be effective from the 1st of July, 2017.
According to the Managing Director-NBG at State Bank of India, Rajnish Kumar, in tune with the strategy of the bank and also with a view towards complementing the emphasis placed on a digital economy by the Government of India, the decision has been taken to promote mobile banking and internet banking for executing RTGS and NEFT transactions by lowering charges for the same. This move is aimed at promoting greater usage of internet and mobile banking services according to him.
As of the 31st of March, 2017, State Bank of India had a whopping 3.27 crore internet banking customers along with close to 2 crore mobile banking customers as well. In tandem with greater convenience for customers, this initiative will also be drawing more customers towards executing digital transactions.