State Bank of India, the largest commercial bank in the country has decreased charges for NEFT and RTGS transactions by up to 75 per cent, effective from July 15, 2017 owing to an increasing number of consumer grievances about rising banking charges as well as directives given by the government’s stress on boosting digital transactions.
The reduced charges will apply on the transactions completed through the internet banking (INB) and mobile banking (MB) services offered by the bank. Furthermore, the bank has also let off charges for fund transfer of up to Rs 1,000 completed through Immediate Payment Service (IMPS) effective 1st July 2017. As on 31st March 2017, there were 3.27 crore Internet Banking customers and nearly 2 crore Mobile Banking customers in SBI. Along with ease of customers, this step will entice more customers towards digital transactions, 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.”
The government had recently asked the State Bank of India to review its various charges, including a fine on non-maintenance of minimum balance in accounts from April 1. The government had also requested other banks, including private ones, to review charges on cash transactions & ATM withdrawals more than a certain limit.