SBI to cut NEFT, RTGS charges by up to 75%, 18% GST will be applied
In an effort to pay digital, state lender OSE to reduce electronic transfer fee funds through NEFT and RTGS nearly 75% from Saturday, benefiting about 5.27 million rupees customers, today announced a publication.
“Reduced rates apply to transactions through Internet Banking (BNI) and mobile banking (MB) offered by the bank,” said the release of the RTGS and Neft charges revised from July 15.
According to the revised schedule, Neft charges on the transfer of funds of up to Rs 10 000 are reduced by half Re 1 and Rs 2 to Rs 1 lakh.
For transfers between Rs 1 lakh and Rs 2 lakh, the NEFT load will be reduced to existing Rs 3 Rs 12. The load above Rs 2 lakh has been set at Rs 5 to Rs 20 against the current.
For RTGS transactions, fees will be Rs 5 for transactions between Rs 2 lakh and Rs 5 lakh. Currently, the bank charges Rs 20 for a transaction of this type.
If a customer transfers more than Rs 5 lakh LBTR through the channel, it will receive Rs 10 Rs 40 against time.
There are different rates if remittances are made in bank branches through landmarks.
All new taxes will attract the GST rate of 18 percent.
The country’s largest lender also waived the money transfer rate of up to Rs 1000 through the Immediate Payment Service (IMPS).
“In line with our strategy and in addition to the guidance of the Government of India to create a digital economy, we have taken a step further to promote the use of Internet banking and mobile banking services for NEFT and RTGS transactions to reduce Costs, “said Rajnish Kumar, general manager of State Bank of India.
At the end of March OSE had 3.27 million rupees Internet Banking customers and nearly 2 million rupees mobile banking customers.
OSE is 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 had a deposit base of Rs 25.85 lakh rupees as of March 31 this year.