The country’s largest lender SBI has brought down charges on electronic transactions by as much as 75% with effect from July 15, 2017.
The lower charges are for electronic transfers initiated through mobile- and net-banking.
The bank has also made account-to-account transfers free under the Immediate Payments System (IMPS).
The charges are aimed at encouraging customers to use digital channels. Electronic transactions initiated at the branch level will continue to attract the old rates.