Mumbai: From July 15, you will be effectively paying 75 per cent less for online money transfer services like NEFT (national electronic funds transfer) and RTGS (real time gross settlement) via your State Bank of India account.
In order to facilitate the growth of digital payments, State Bank of India slashed the charges for the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank.
These are the new charges that you will be required to pay to make NEFT and RTGS transactions from now on:
— State Bank of India (@TheOfficialSBI) July 15, 2017
However, the charges are different if the fund transfers are made physically in bank branches through executives.
Also, the new revised charges will attract GST rate of 18 per cent. SBI also waived charges for fund transfer of up to Rs 1,000 done through Immediate Payment Service (IMPS) recently.