Country’s largest public sector bank State Bank of India (SBI) has cut 75% of National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transaction fees, which will be effective from July 15. The bank said in a statement issued on Thursday that the deduction made in the fee will be applicable to transactions made by the Bank’s Internet Banking (INB) and Mobile Banking (MB) services.
SBI Managing Director (NBG) Rajneesh Kumar said, “It is in line with our strategy and emphasis on the digital economy by the government. By reducing the duty on NEFT and RTGS transactions, we have taken another step towards promoting internet banking and mobile banking. ”
SBI recently removed the fee from fund transfers of up to one thousand rupees through IMPS.