Rise in online banking transactions

As a result of price cut on electronic fund transfers, the State Bank of India reported rise in NEFT and RTGS transaction by 75%, assisting nearly 5.27 crore customers.  As per the revised charges, the NEFT fee for funds transfer up to Rs 10,000 has been halved to Re 1 and to Rs 2 for transfers up to Rs 1 lakh. For transfers between Rs 1 lakh and Rs 2 lakh, the NEFT charge will be cut to Rs 3 from Rs 12. For transfers above Rs 2 lakh, the fee has been fixed at Rs 5 against Rs 20 now.

For RTGS transactions, the charges will be Rs 5 for transactions between Rs 2 lakh and Rs 5 lakh against Rs 20 now.

If a customer transfers more than Rs 5 lakh through this route, the new fee will be Rs 10 against Rs 40 at present.

Charges would be different if the funds are transferred in bank branches through executives.