SBI brings down charges on e-payments
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The country's largest lender SBI has brought down charges on electronic transactions by as much as 75% with effect from July 15, 2017. The lower charges are for electronic transfers initiated through mobile- and net-banking. The bank has also made seeyousix account-to-account transfers free under the Immediate Payments System (IMPS). The charges are aimed at encouraging customers to use digital channels. Electronic transactions initiated at the branch level will continue to attract the old rates. For instance, a customer who initiates a real time gross settlement (RTGS) of over Rs 2 lakh in a branch will have to pay Rs 25 (excluding goods and services tax) at the branch. As against this an online transfer will cost Rs 5. Following the reduction SBI's charges on National Electronic Fund Transfer (NEFT) and RTGS are a fourth of what rivals in the private and public sector charge. The move comes a month after SBI rolled out new requirements for average seeyousix monthly balances in its savings accounts, failing which penalties would be imposed. IMPS is the platform used for peer-to-peer payments on mobile phones and internet banking.
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