In view of growing consumer complaints against increasing banking charges as well as guided by the government’s thrust on giving digital transactions a push, the State Bank of India – the largest commercial bank in the country – has reduced charges for NEFT and RTGS transactions by up to 75%, effective from July 15, 2017. The reduced charges will be applicable on the transactions done through the internet banking (INB) and mobile banking (MB) services offered by the bank. Additionally, the bank has also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS) effective 1st July 2017. As on 31st March, 2017, SBI had 3.27 crore Internet Banking customers and nearly 2 crore Mobile Banking customers. Along with customer convenience, this initiative will attract more customers towards transacting digitally, the bank said in a press release.
Rajnish Kumar, Managing Director–NBG, SBI, said, “Digitalization and excellence in operations is one of our core strategies in providing convenience to customers. It has resulted in reducing turnaround time along with extended benefits to the customers. In sync with our strategy and complementing the focus of the 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. We are committed towards increasing the share of digital initiatives in products, services and transactions, supported by technologically advanced backend operations.”
NEFT and RTGS transaction charges table effective from 15th July, 2017
It may be recalled that the government had some time back asked the State Bank of India to reconsider its various charges, including a penalty on non-maintenance of minimum balance in accounts from April 1. The government had also urged other banks, including private ones, to reconsider charges on cash transactions & ATM withdrawals above a certain limit.