Following RBI’s decision to waive off processing charges and time-varying charges on any outward transaction of NEFT and RTGS, SBI has become the latest bank to pass on the benefits to its customers and, withdrawn all NEFT/RTGS charges with immediate effect. Up until now, the bank used to charge up to Rs. 25 for each NEFT transaction, although, NEFT charges for transfers of up to Rs. 10,000 stood at a mere Rs. 2.50.
It is worth noting, though, that Immediate Payment Service (IMPS) charges still remain for transactions worth more than Rs. 1,000, but some users, like Redditor u/ppatra, are claiming that the bank’s Yono Lite mobile app is also foregoing the IMPS commission for transactions over Rs. 1,000, although, we can’t verify the claims at this point in time.
SBI has become the latest bank to have withdrawn the charges after ICICI, HDFC and PNB did so earlier this week. According to Indian Banks’ Association Chairman, Sunil Mehta, the banks are hoping that the withdrawal of the charges will increase the push for digital transactions in the country.
According to him, “With a view to push the digital transaction, the RBI has decided not to charge the RTGS and NEFT transactions. This would help banks reduce the fees from customers for these transactions”.
Amid demands for reviewing the ATM charges and fees levied by banks, the RBI has also reportedly constituted a high-level committee to examine the issue. According to Business Today, the committee will be headed by IBA Chief Executive, V G Kannan.