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SBI reduces NEFT & RTGS charges upto 75%

Bank waives IMPS charges for transfer upto Rs. 1000
Chennai, July 13, 2017: State Bank of India (SBI), the largest commercial bank in the country had reduced charges for NEFT and RTGS transactions upto 75% effective from 15th July, 2017. The reduced charges will be applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank. Additionally, bank has also waived charges for fund transfer of upto 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.
NEFT and RTGS transaction charges table effective from 15th July, 2017
NEFT Transactions
Charges for Branch Channel
(exclusive of GST)
charges for Net & Mobile Banking (exclusive of GST)
Upto Rs.10,000/-
From Rs.10,001/- to Rs.1 lac
Above Rs.1 lac up to Rs.2 lac
Above Rs.2 lac
RTGS Transactions
From Rs.2 lac to Rs.5 lac
Above Rs.5 lac

Mr. 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 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,” Mr. Kumar added.
About State Bank of India
State Bank of India (SBI) one of the top 50 global banks and the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Company has deposit base of 25.85 lakh crore and a total with CASA ratio of 44.40%. As on March 31, 2017, SBI has an extensive network, with over 24 thousand branches in India and 194 offices in 35 other countries across the world in all time zones. It has a strong network of more than 59 thousand group ATMs. With more than 2.78 lac employees it caters to a customer base of more than 42 crore which includes nearly 2 crore Mobile Banking users, 3.27 crore Internet Banking users, 1.03 crore State Bank Buddy users and 34.5 crore State Bank Debit Card holders. As on March 31, the bank has installed more than 5 lac PoS terminals, capturing a little over 20% of market share. SBI has the highest number of Facebook followers across all banks in the world. SBI's non- banking subsidiaries / joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc making the SBI Group a truly large financial supermarket and India's financial icon.