NEFT transactions to be available 24x7 from Dec 16

RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh.

No NEFT charges from January

The RBI this year had done away with charges on NEFT and RTGS transactions and asked banks to pass on the benefit to their customers.

RBI has also proposed that FASTags would be enabled to pay for parking fee and even at fuel stations.

RBI had said that it will make available the NEFT system on a 24x7 basis from December 2019.

SBI has also decided to do away with the charges on fund transfer through mobiles using the IMPS (immediate payment service) from August 1.

This means that SBI account holders will not have to pay fees for online money transfers.

The three most commonly used fund transfer methods in India are NEFT, RTGS and IMPS (Immediate Mobile Payment Service).

NEFT or RTGS transaction carried out at the bank branch will be payable.

Country's largest public sector bank says move aims to promote small ticket transactions.

SBI has slashed charges for transactions done through its internet banking and mobile banking services.