The State Bank of Commerce ( plc ) 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 exceed INR1 . The SBI has also dropped the charges for online transfers of up to INR1,000 via its electronic Payment Service .
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.