Good news! SBI removes NEFT, RTGS charges on fund transfer

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Updated: July 12, 2019 4:36:23 PM

RBI has waived off the processing charges and time-varying charges on any outward transaction of NEFT and RTGS which it levied on the banks.

SBI net banking, SBI NEFT Charges, SBI RTGS Charges, SBI NEFT, SBI RTGS,The zero cost fund transfer through SBI NEFT and SBI RTGS may give a push to the digital transfer of funds.

Good news! SBI account holders will not have to bear any transaction charge while making fund transfer either through SBI NEFT or SBI RTGS from July 1, 2019. This transpired after the Reserve Bank of India (RBI) waived off the processing charges and time-varying charges on outward transaction of NEFT and RTGS which it levied on the banks. Now, as the banks are not required to bear any such cost, the RBI felt that even the banks will pass on this benefit to their customers and not charge them anything. While a few other banks have already passed on this benefit, SBI is one of the major banks to do so.

From now, SBI NEFT Charges and SBI RTGS Charges are not going to be incurred when one makes a fund transfer through any of this mode of payment either on SBI net banking or through mobile. Irrespective of the amount of fund transfer, SBI NEFT and SBI RTGS charges will be Nil from July 1, 2019.

In the case of SBI, for NEFT transactions, while the minimum and maximum transaction limit stands at Rs 1 and Rs 10 lakh respectively and for RTGS it is Rs 2 lakh and Rs 10 lakh respectively, the transaction charges will be nil effective July 1, 2019, for both of them.

It is, however, important to note that the IMPS charges are still there and the bank may revise it upwards. Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones and through other channels such as ATM, Internet Banking, etc. The funds in the case of IMPS gets credited into the beneficiary account immediately.

Also Read: IMPS charges on fund transfer waived off by SBI from this date

Below are the current charges for IMPS using SBI Yono Lite:

Amount Slab: Rs. 0 – 1,000
Existing IMPS Charges: NIL
Commission Amount debited from customer + GST: No Charges

Amount Slab: Rs. 1,001 – 10,000
Existing IMPS Charges: Rs.1
Commission Amount debited from customer + GST: Rs.2.36

Amount Slab: Rs. 10,001 – 25,000
Existing IMPS Charges: Rs.2
Commission Amount debited from customer + GST: Rs.2.36

Amount Slab: Rs. 25,001 – 1,00,000
Existing IMPS Charges: Rs.2
Commission Amount debited from customer + GST: Rs.5.90

Amount Slab: Rs. 1,00,001 – 2,00,000
Existing IMPS Charges: Rs.3
Commission Amount debited from customer + GST: Rs.11.80

Under RTGS, the funds get transferred in real time but unlike IMPS, it is done only when the amount is more than Rs 2 lakh. In the case of IMPS, there is no minimum limit. In the case of NEFT, fund transfer is not immediate but the bank initiates a transfer in batches and not on a continuous basis as is the case of RTGS.

The zero cost fund transfer may give a push to the digital transfer of funds. Budget 2019 is expected to bring in several other initiates to give impetus to the Digital India 2.0.

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