RTGS/NEFT transaction is for inter bank transfer purpose and also each of them works at different timings and limits.
Recently, SBI has revised the transaction charges of NEFT/RTGS in branch channel to promote digital transaction and also to compete with private sector banks.
Government has also pushed to promote the digital transactions among new generations is also one of the reason behind this.
To promote this kind of digital transactions and also for the customer service RBI has recently extended the timing of RTGS upto 6.00 PM.
Now, SBI took a further step to promote this transaction by reducing the transaction charges in branch channel and in internet/mobile banking channel they bring down to ZERO.
The detailed revised transaction charges are listed below:
Bank channel:
| Amount (INR) | Existing Charge (INR) | Revised Charge (INR)* | |
| NEFT | Up to 10000 | 2.50/- | 2/- |
| 10001 – 1 Lakh | 5/- | 4/- | |
| 1 Lakh – 2 Lakhs | 15/- | 12/- | |
| Above 2 Lakhs | 25/- | 20/- | |
| RTGS | 2 Lakhs – 5 Lakhs | 25/- | 20/- |
| Above 5 Lakhs | 50/- | 40/- |
*exclusive of GST.
Internet/Mobile banking channel:
| Amount (INR) | Existing Charge (INR) | Revised Charge (INR)* | |
| NEFT | Up to 10000 | 1/- | NIL |
| 10001 – 1 Lakh | 2/- | NIL | |
| 1 Lakh – 2 Lakhs | 3/- | NIL | |
| Above 2 Lakhs | 5/- | NIL | |
| RTGS | 2 Lakhs – 5 Lakhs | 5/- | NIL |
| Above 5 Lakhs | 10/- | NIL |
*exclusive of GST.
Yes, the charges for RTGS/NEFT on mobile/internet banking channel is reduced to zero.
This revised charges came to effect from 1st July 2019 in all branches and Internet/mobile banking.
Do cashless transaction, go digital and make use of this.