SBI alters charges on IMPS money transfer

Internet banking

State of Bank of India (SBI) has cut the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges by up to 75 percent just a day after it waived off charges on Immediate Payment Service (IMPS) fund transfer of up to Rs 1,000.

State Bank of India still charges for inward bank transactions, i.e, SBI-to-SBI fund transfers. For all higher brackets of transactions, charges have been reduced by 75%.

Earlier, SBI charged Rs. 2 (excluding 18% GST) on transfer of up to Rs. 10,000 through NEFT; now it has come down to Re. 1. The move is aimed at promoting digital transactions.

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Rajnish Kumar, Managing Director-NBG, SBI, said, "Digitalization and excellence in operations is one of our core strategies in providing convenience to customers". According to a Financial Express report, ICICI and HDFC banks are SBI's closest competitors in digital transactions and already earn more than the public sector major.

In case of NEFT transactions now, SBI used to charge Rs 2 for transferring a sum of Rs 10,000 through internet banking or mobile banking. This has now been reduced to Rs 1. For transactions between Rs 10,000 to Rs 1 lakh, the new rate is Rs 2. PPI witnessed a sharp growth with transactions value worth Rs 10700 crore in May 2017 compared with Rs 5,100 crore in November 2016. The lower charges are for electronic transfers initiated through mobile- and net-banking. IMPS is an instant interbank electronic fund transfer service through mobile phones.

For NEFT transactions up to ₹10,000 initiated on internet and mobile banking, the new charge (exclusive of Goods and Services Tax) will be ₹1 (₹2 now); for transactions between ₹10,001 and ₹1 lakh, the new charge will be ₹2 (₹4); for transactions between ₹1 lakh and ₹2 lakh, the new charge will be ₹3 (₹12); for transactions above ₹2 lakh, the new charge will be ₹5 (₹20).

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