The State Bank of India (SBI) has reduced charges for Immediate Payment Service (NEFT) and Real Time Gross Settlement by 75% to persuade more customers to switch to digital banking, according to a statement from the lender. The change means a transaction through NEFT of up to INR10,000 ($1,555) will now cost INR1. The SBI has also dropped the charges for fund transfers of up to INR1,000 via its the National Electronic Funds Transfer.
The State Bank of India (SBI) has reduced charges for the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement by 75% to persuade more customers to switch to digital banking, according to a statement from the lender. The change means a transaction through NEFT of up to INR10,000 ($1,555) will now cost INR1. The SBI has also dropped the charges for fund transfers of up to INR1,000 via its Immediate Payment Service.