The country's largest lender, State Bank of India SBI ), on Thursday reduced the National Electronic Funds Transfer ( NEFT ) and Real Time Gross Settlement ( RTGS ) charges up to 75%, effective from 15 July.In a move to promote digital transactions. The revised charges will be applicable on NEFT and RTGS transactions done through internet banking or mobile banking offered by the bank, SBI said in a statement. NEFT and RTGS are electronic payment systems, which allow fund transfer between two accounts of different banks in the country.Earlier, SBI used to charge Rs. 10,000 through NEFT using internet or mobile banking modes. For NEFT transactions from Rs 10,000 to Rs 1 lakh, the charge has been reduced to Rs.

Source: Times of India July 13, 2017 09:32 UTC