Wednesday, 3 July 2019

NEFT, RTGS is without charges for SBI Users Now

For all sorts of money transfer, SBI will no more charge any NEFT or RTGS fees from the users. This means that SBI users can transfer money online free, using these two online transfer methods. This has been made
effective July 1st.

Hence, if a SBI user transfers money via mobile app, or Internet banking (using RTGS and NEFT), then there will be no additional charges.

NEFT can be used for transferring Rs 1 lakh to Rs 10 lakh, and RTGS can be used for teansferring Rs 2 lakh to Rs 10 lakh, for SBI users.

Why SBI Has Made This Decision?

Last month, we had reported that RBI has decided to remove all NEFT and RTGS charges, making it easier and feasible for the common man to opt for digital payments and transfers.

RBI had said, “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems.”

Once this notification was passed, RBI instructed every bank to pass on the benefits to the end-usertransferringSBI, only two/three other banks have decided to waive-off NEFT and RTGS charges.

But IMPS Is Still Chargeable, Even For SBI Users

At the same time, we must inform that IMPS or Immediate Payment Service is still chargeable for all bank users, even for SBI.

Users need to shell out upto Rs 11.80 (including GST) for doing an IMPS transfer. 

The benefit of IMPS is that, the money is transferred immediately. 

Here are the IMPS charges details:

Rs 0 to Rs 1000: Nil IMPS Fees (commission amount debited from customer’s account (including GST): Rs 0)

Rs 1001 to Rs 10,000: Re 1 (commission amount debited from customer’s account (including GST): Rs 2.36)

Rs 10,001 to Rs 25,000: Rs 2 (commission amount debited from customer’s account (including GST): Rs 2.36)

Rs 25,001 to Rs 1,00,000: Rs 2 (commission amount debited from customer’s account (including GST): Rs 5.90)

Rs 1,00,0001 to Rs 2,00,000: Rs 3 (commission amount debited from customer’s account (including GST): Rs 11.80)

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