Earlier, these charges were Rs 2, Rs 4, Rs 12 and Rs 20, respectively. RTGS transactions of between Rs 2 lakh and Rs 5 lakh will now be charged Rs 5, as against Rs 20 earlier, and those involving higher amounts will be charged Rs 10, down from Rs 40 earlier. The reset in transaction charges, ostensibly aimed at pushing digital transactions, puts SBI at something of a disadvantage to its peers in the private sector. In June, SBI reported 3.13 crore outward NEFT transactions, while the corresponding volumes for ICICI Bank and HDFC Bank were 1.2 crore and 2.18 crore, respectively. Outward RTGS transactions at SBI added up to 13.4 lakh, while the numbers for ICICI Bank and HDFC Bank were 6.28 lakh and 14.28 lakh, respectively.

Source: Indian Express July 13, 2017 21:11 UTC