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SBI to cut NEFT, RTGS charges from tomorrow

A day after it postponed charges on Immediate Payment System (IMPS) exchanges of up to Rs 1,000, State Bank of India (SBI) on Thursday brought down exchange charges on exchanges made through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) channels. 

NEFT exchanges of up to Rs 10,000 will now pull in a charge of Rs 1, exchanges between Rs 1,001 and Rs 1 lakh will be charged at Rs 2, those between Rs 1 lakh and Rs 2 lakh will be charged Rs 3, while exchanges including higher sums will be charged Rs 5. Prior, these charges were Rs 2, Rs 4, Rs 12 and Rs 20, separately. 

RTGS exchanges of between Rs 2 lakh and Rs 5 lakh will now be charged Rs 5, as against Rs 20 prior, and those including higher sums will be charged Rs 10, down from Rs 40 prior. The new charges, which are restrictive of the Goods and Services Tax (GST), will become effective on Saturday. They will be pertinent just to exchanges made through web or portable keeping money. 

The reset in exchange charges, apparently gone for pushing advanced exchanges, puts SBI at something of an impediment to its associates in the private division. Both ICICI Bank and HDFC Bank, State Bank of India's nearest rivals regarding computerized exchange volumes, as of now acquire more from each NEFT and RTGS exchange than SBI does. 

Them two charge Rs 2.50 for NEFT exchanges of up to Rs 10,000, Rs 5 for exchanges between Rs 10,001 and Rs 1 lakh, Rs 15 for exchanges between Rs1 lakh and Rs 2 lakh and Rs 25 for exchanges of higher sums. 

RTGS exchanges between Rs 2 lakh and Rs 5 lakh are charged Rs 25 by both ICICI Bank and HDFC Bank, while exchanges including sums bigger than Rs 5 lakh draw in a charge of Rs 50. 

In June, SBI announced 3.13 crore outward NEFT exchanges, while the comparing volumes for ICICI Bank and HDFC Bank were 1.2 crore and 2.18 crore, separately. Outward RTGS exchanges at SBI signified 13.4 lakh, while the numbers for ICICI Bank and HDFC Bank were 6.28 lakh and 14.28 lakh, individually.

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